MNI PODCAST: FedSpeak-ADP's Richardson On Slowdown In Hiring

EXECUTIVE SUMMARY

• ADP chief economist Nela Richardson sees a "slow grind" in the labor market as hiring weakens and employment shows a lack of dynamism.
• However, the slowdown will not likely be enough to trigger Fed rate cuts this year, particularly considering strong wage growth and uncertainty about the path of inflation in a high tariff environment, she added.
• Richardson, a member of the Cleveland Fed's Financial Markets Advisory Council, is most worried about how small businesses will fare -- and whether their hesitancy to hire new workers turns into outright layoffs. 

Listen to the full podcast here.