‘Very Disappointing’: CNBC Anchor Declares ‘Labor Market Is Softening’ After Revised Jobs Report Shows Big Losses

CNBC host Sara Eisen called the latest jobs report “very disappointing” after a round of revisions actually showed losses in the month of August.

On Wednesday morning, ADP announced that private payrolls had decreased by a staggering 32,000 in the month of September. That decreased, as noted in a CNBC report, marked the largest decrease since March 2023. Additionally, a revision to the August payroll revealed a loss of 3,000. It was previously reported that private sector increased payrolls by 54,000 an August — a 57,000-job swing.

The federal government was set to release its own report Friday, but the government shutdown — should it last that long — was expected to delay the release of that report. Although ADP’s applies to just the private sector, Eisen explained why it could spell doom for the government report:

But guys, if you take the report, and you compare it — you know, some people say, “Oh, it’s not really correlated with the government jobs report.” Well, the reason I think that people are paying attention to it today is, first of all, we’re not going to likely get that government jobs report on Friday; but also, look at the correlation. The direction is, it’s in the right mode. They dip at the same time. They rise at the same time. I think it gives you a good sense, at the very least, of the trend on job growth.

This is ADP private sector versus the traditional monthly jobs report that we get on Friday, where the market pays close attention to. So, I think it’s a good indication that The labor market is softening and that employers are a little more cautious when it comes to hiring and even paying.

Watch above via CNBC