4 October 2023
ADP’s job report showed a significant drop, adding only +89k jobs, the lowest since January 2021. Sectors like Manufacturing and Professional & Business Services experienced notable job losses. Additionally, wages have consistently declined over the past year. The Employee Motivation and Commitment Index unveiled dwindling worker motivation, which could negatively impact productivity. The reasons are ambiguous, but the decline suggests the need for workers to adapt to the changing job market. The slide in work motivation further underscores the shortcomings of ‘Bidenomics’.