Subject: Re: The dominos falling, employment

Caught an interesting conversation on Yahoo's streaming finance channel, a few days ago.

ADP report hit the wire this morning.

Labor market growth slows dramatically in August with U.S. adding just 54,000 jobs, ADP says

Private payrolls increased by just 54,000 in August, well short of the 75,000 estimate from economists polled by Dow Jones and down from the revised gain of 106,000 jobs added in July.

https://www.cnbc.com/2025/09/0...

If the woman speaking on Yahoo Finance, a few days ago, was right, we will see continued weakness in the "jobs" numbers, but the unemployment rate will not increase appreciably, because the unemployment will have been, effectively, exported.

Steve