October 4, 2024 – Michael Feroli, Chief U.S. Economist at JPMorgan Chase, has raised concerns about the U.S. private sector employment growth ahead of the non-farm payroll report. Feroli noted that the three-month average increase in private sector jobs was just 96,000, calling it “minimal” by historical standards, even when compared to the U.S.’s sluggish recovery after the global financial crisis.
Key Insights:
- Private Sector Growth: The average three-month increase in private employment stood at 96,000, lower than the post-financial crisis average of 171,000 from 2010 to 2013.
- Concerns: Feroli’s remarks highlight that private sector employment is lagging, which could signal underlying weaknesses despite overall economic resilience.
These figures will likely be a point of focus for market analysts and policymakers as they assess the broader health of the U.S. labor market.
