Blackstone Chairman, CEO and co-founder Stephen Schwarzman provides his 2024 economic outlook, his thoughts on commercial real estate, capital market activity and downside risks to A.I.
Hiring by U.S. companies slowed more than expected than expected in January, a possible sign the labor market is finally slowing in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.
Companies added 107,000 jobs last month, missing the 145,000 gain that economists surveyed by Refinitiv predicted.
The weaker-than-expected report comes in the wake of an aggressive tightening campaign by the Federal Reserve, which has hiked interest rates to the highest level since 2001. Policymakers signaled last month that they are done raising rates amid signs that inflation is finally moderating and the economy is slowing.
WORKERS NOW DEMANDING NEARLY $80K TO START NEW JOB
Workers replace power lines in Monterey Park, California, on Oct. 6. (FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
In a welcoming sign for the Fed, wage growth continued to slow in January.
Annual pay rose 5.2% last month, according to the report. For workers who switched jobs, wages climbed 7.2%, the smallest annual gain since May 2021.
“Wages adjusted for inflation have improved over the past six months, and the economy looks like it’s headed toward a soft landing in the U.S. and globally,” said Nela Richardson, ADP chief economist.
This is a developing story. Please check back for updates.
