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The Trial Balance is a weekly roundup of CFO stories, statistics, and events to help you prepare.
Part 1: Concentrated job growth is “worrying,” says ADP chief economist
Nela Richardson, chief economist at ADP, noted in her organization’s report June National Employment Report that growth in the hospitality and leisure sector, 63,000 of the 150,000 jobs added, complemented the overall private sector employment growth figures. “If it hadn’t been for a surge in hiring in the leisure and hospitality sector, June would have been a dismal month.,” she said.
“The labor market is cooling and becoming more concentrated,” Richardson said on Bloomberg TVHe referred to private sector job creation, including in health care, as a “concentrated slowdown in hiring,” calling it “worrying.”
He added that job growth that occurs only in specific sectors could be problematic for the Fed, which is still trying to hit its 2% inflation target.
“If we were seeing a slowdown that was steady but still generating hiring in key sectors like manufacturing, especially interest rate-sensitive sectors, or sectors that really affect housing costs in the CPI, like construction, I would be all for it. But what we are seeing are pockets of weakness, and that weakness can be problematic for inflation, not a coolant for it.”
Part 2: Hackett Highlights and the City of Quincy CFO’s Morning Routine
This week, reporter Adam Zaki will publish an article on Hackett Group’s latest working capital report. Focus areas are monitoring the data currently sequestered, what it means for CFOs, and how it can be applied. (10/7)
The CFO of Quincy, Massachusetts Eric Mason Mason was the subject of a multi-part series last month that discussed the variety of unique traits and experiences he brings to his role as CFO. (11/7)
Below is a list of important market events scheduled for next week.
Monday, July 8th
Tuesday, July 9th
- NFIB Optimism Index, June
Wednesday, July 10th
- Wholesale inventories, May
Thursday July 11
- Consumer Price Index, June
- Year-on-year CPI
- Core CPI, June
- Core year-on-year CPI
Friday July 12
- Producer Price Index, June
- Year-on-year producer price index
- Core CPI, June
- Core year-on-year CPI
- Consumer Sentiment (Preliminary), July
Part 3: Metric of the month
The July issue of Metric of the Month, which focuses on how to measure productivity with revenue per employee, will be published this week. Perry WigginsJOBsNewsQC CFO and author of the series, talks about how downsizing, outsourcing, and prioritizing talent are ways to improve this metric. (7/10)
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