Job, debt ‘double whammy’ brewing ‘storm’ for early 2023: Economics professor – Fox Business

by | Nov 30, 2022 | Financial

Fox News contributor and The King’s College economics professor Brian Brenberg reacts to November’s ADP report. After November private payroll job growth came in much lower than expected Wednesday morning, Fox News contributor and The King’s College economics professor Brian Brenberg warned the latest ADP report could signal a brewing “storm.” “This strikes me as a little bit of a ‘canary in the coal mine’ situation,” Brenberg said on a “Mornings with Maria” panel. “I expected to see more of this after the new year, especially when you’ve got Christmas season here.”Companies added just 127,000 jobs last month, according to the ADP National Employment Report. The data missed the 200,000 gain that economists surveyed by Refinitiv had predicted. “Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” ADP chief economist Nela Richardson stated in a press release. “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.” U.S. COMPANIES ADDED JUST 127,000 JOBS IN NOVEMBER AS HIRING SLOWSMeanwhile, the Federal Reserve has responded to the extremely tight labor market and inflation crisis by raising interest rates at the fastest pace in decades. Officials approved four consecutive 75-basis-point rate hikes in June, July, September and November and have shown no signs of pausing. As private payroll growth slowed in November according to ADP, Fox News contributor Brian Brenberg warned of an economic “storm” on “Mornings with Maria” Wednesday, November 30, 2022. (Fox News)But the economics professor caution …

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