{"id":70556,"date":"2023-08-30T08:59:51","date_gmt":"2023-08-30T12:59:51","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=70556"},"modified":"2023-08-30T08:59:51","modified_gmt":"2023-08-30T12:59:51","slug":"coffee-with-greta-slowing-private-job-growth","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/08\/30\/coffee-with-greta-slowing-private-job-growth\/","title":{"rendered":"Coffee With Greta: Slowing Private Job Growth"},"content":{"rendered":"

Register now<\/a> for today's free pro trader Q&A on LinkedIn with me and T3 Trading Group's Patrick Hawe!<\/strong><\/p>\n

DJIA Futures: <\/b>+31 (+0.1%)<\/span><\/p>\n

SPX Futures: <\/b>+3 (+0.1%<\/span><\/p>\n

NASDAQ Futures: <\/b>+11 (+0.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are slightly higher as traders look to extend the 3-day winning streak.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Private Job Growth Slows<\/span><\/h2>\n

Private job growth slowed more than expected in August.<\/span><\/p>\n

Payroll firm ADP reported the U.S. private sector add 177,000 jobs vs 200,000 expected.\u00a0<\/span><\/p>\n

That was a sharp slowdown from the revised 371,000 in July.\u00a0<\/span><\/p>\n

ADP\u2019s chief economist said, \u201cThis month\u2019s numbers are consistent with the pace of job creation before the pandemic. After two years of exceptional gains tied to the recovery, we\u2019re moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.\u201d<\/span><\/p>\n

This data is good news for the Fed\u2019s efforts against inflation and comes ahead of the official Labor Department jobs report on Friday.\u00a0<\/span><\/p>\n

That\u2019s expected to show the economy added 170,000 jobs with the unemployment rate slipping to 3.5%.<\/span><\/p>\n

Q2 GDP Revised Lower<\/span><\/h2>\n

Second-quarter economic growth was unexpectedly revised lower.<\/span><\/p>\n

The Commerce Department\u2019s second estimate shows GDP grew at a 2.1% annual rate last quarter vs the first estimate of 2.4%.\u00a0<\/span><\/p>\n

Economists were expecting the second estimate to be unchanged from the first.\u00a0<\/span><\/p>\n

Nonresidential fixed investment and inventory investment were both lower than originally estimated, which contributed to the revision lower.<\/span><\/p>\n

HP Tumbles After Mixed Results<\/span><\/h2>\n

HP Inc <\/b>(HPQ) shares are dropping 8.2% ahead of the open after reporting mixed fiscal Q3 results.\u00a0<\/span><\/p>\n

Here\u2019s how the computing giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • Adjusted EPS: $0.86, as expected<\/span><\/li>\n
  • Revenue: $13.2 billion vs $13.4 billion expected<\/span><\/li>\n<\/ul>\n

    Revenue was down 10% year over year and this was the third straight quarter HP has missed analysts\u2019 revenue estimates.\u00a0<\/span><\/p>\n

    The company also issued cautious guidance for fiscal Q4.\u00a0<\/span><\/p>\n

    HP expected adjusted EPS between $0.85 and $0.97 next quarter vs analysts\u2019 estimates for $0.95.\u00a0<\/span><\/p>\n

    The CEO said, \u201cWhile we expect another quarter of sequential growth in [the fourth quarter], the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result.\u201d<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • The Labor Department\u2019s Job Openings and Labor Turnover Survey came in lighter than expected on Tuesday. The survey showed there were 8.82 million available jobs in July vs 9.46 million expected. That was down from 9.16 million in June and is good news for the Fed\u2019s fight against inflation.<\/span><\/li>\n
    • Consumer confidence pulled back way more than expected this month as Americans remain worried about high inflation. The Conference Board\u2019s consumer confidence index tumbled nearly 8 points to 106.1 vs 116 expected. Confidence in current economic conditions plunged more than 38 points to 114.8. The six-month expectations index dropped nearly 8 points to 80.2.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Register now for today’s free pro trader Q&A on LinkedIn with me and T3 Trading Group’s Patrick Hawe! DJIA Futures: +31 (+0.1%) SPX Futures: +3 (+0.1% NASDAQ Futures: +11 (+0.1%) Good morning friends! Futures are slightly higher as traders look to extend the 3-day winning streak.\u00a0 Let\u2019s get right to it! Private Job Growth Slows Private job growth slowed more than expected in August. Payroll firm ADP reported the U.S. private sector add 177,000 jobs vs 200,000 expected.\u00a0 That was a sharp slowdown from the revised 371,000 in July.\u00a0 ADP\u2019s chief economist said, \u201cThis month\u2019s numbers are consistent with the pace of job creation before the pandemic. After two years of exceptional gains tied to the recovery, we\u2019re moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.\u201d This data is good news for the Fed\u2019s efforts against inflation and comes ahead of the official Labor Department jobs report on Friday.\u00a0 That\u2019s expected to show the economy added 170,000 jobs with the unemployment rate slipping to 3.5%. Q2 GDP Revised Lower Second-quarter economic growth was unexpectedly revised lower. The Commerce Department\u2019s second estimate shows GDP grew at a 2.1% annual rate last quarter vs the first estimate of 2.4%.\u00a0 Economists were expecting the second estimate to be unchanged from the first.\u00a0 Nonresidential fixed investment and inventory investment were both lower than originally estimated, which contributed to the revision lower. HP Tumbles After Mixed Results HP Inc (HPQ) shares are dropping 8.2% ahead of the open after reporting mixed fiscal Q3 results.\u00a0 Here\u2019s how the computing giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $0.86, as expected Revenue: $13.2 billion vs $13.4 billion expected Revenue was down 10% year over year and this was the third straight quarter HP has missed analysts\u2019 revenue estimates.\u00a0 The company also issued cautious guidance for fiscal Q4.\u00a0 HP expected adjusted EPS between $0.85 and $0.97 next quarter vs analysts\u2019 estimates for $0.95.\u00a0 The CEO said, \u201cWhile we expect another quarter of sequential growth in [the fourth quarter], the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result.\u201d In Case You Missed It The Labor Department\u2019s Job Openings and Labor Turnover Survey came in lighter than expected on Tuesday. The survey showed there were 8.82 million available jobs in July vs 9.46 million expected. That was down from 9.16 million in June and is good news for the Fed\u2019s fight against inflation. Consumer confidence pulled back way more than expected this month as Americans remain worried about high inflation. The Conference Board\u2019s consumer confidence index tumbled nearly 8 points to 106.1 vs 116 expected. Confidence in current economic conditions plunged more than 38 points to 114.8. The six-month expectations index dropped nearly 8 points to 80.2.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":70562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-70556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=70556"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70556\/revisions"}],"predecessor-version":[{"id":70563,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70556\/revisions\/70563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/70562"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=70556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=70556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=70556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}