Diamond Member Pelican Press 0 Posted February 5, 2025 Diamond Member Share Posted February 5, 2025 This is the hidden content, please Sign In or Sign Up Economist says to ‘follow the consumer’ In January, the private sector added 183,000, above estimates of 150,000, according to ADP. To speak more on the fresh labor data, ADP chief economist Nela Richardson joins Wealth to explain that hiring momentum from 2024 carried into the start of 2025, with notable job gains in service sectors like leisure and hospitality. “So, if you want to know everything you need to know about the labor market, follow the consumer, because the businesses that support consumers and in consumer facing industries are the ones showing strength right now,” Richardson emphasizes. She also notes how manufacturing and construction saw declines, signaling a shift in the labor market. While overall wage growth remains solid at 4.7%, she states it poses a challenge for the Federal Reserve as it contributes to persistent inflationary pressures: “It could be a challenge for the Federal Reserve because labor costs aren’t going down. They’re staying stuck at higher levels, which translates into sticky inflation.” The US Bureau of Labor Statistics will be reporting non-farm payroll jobs data this Friday, February 7. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Josh ****** This is the hidden content, please Sign In or Sign Up #Economist #follow #consumer This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up 0 Quote Link to comment https://hopzone.eu/forums/topic/209464-economist-says-to-%E2%80%98follow-the-consumer%E2%80%99/ Share on other sites More sharing options...
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