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Thursday, March 28, 2024

ADP Says Better Than Expected 176K Private Jobs Added, Of Which Only 4,000 Manufactuing Jobs

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

The ADP Private jobs report is out, and in June America allegedly created 176K private jobs, better than expectations of 100K, and up from last month’s 136K revised print. What hasn’t changed is the continued lack of correlation between the ADP and the NFP report, nor the ongoing deterioration in claims. More importantly, Obama’s promise of doubling US exports in 5 years from 2 years ago may be in jeopardy, since of the 176,000K extra jobs created, a whopping 4K was in manufacturing, the rest, or 160,000K, was service jobs.

ADP vs NFP via Reuters:

And from the report:

Employment in the U.S. nonfarm private business sector increased by 176,000 from May to June, on a seasonally adjusted basis. The estimated gain from April to May was revised up slightly, from the initial estimate of 133,000 to a revised estimate of 136,000.

Employment in the private, service-providing sector rose 160,000 in June, after rising a revised 137,000 in May. Employment in the private, goods-producing sector added 16,000 jobs in June.

Manufacturing employment added 4,000, reversing May’s decline.

Employment on large payrolls—those with 500 or more workers—increased 11,000 and employment on medium payrolls—those with 50 to 499 workers—rose 72,000 in June.

Employment on small payrolls—those with up to 49 workers—rose 93,000 that same period. Of the 72,000 jobs created by medium- sized payrolls, 7,000 jobs were created by the goodsproducing sector and 65,000 jobs were created by the service-providing sector.

Construction employment rose by 8,000 jobs, more than reversing the declines of the two previous months. The acceleration of employment since April does lend credence to the argument that unseasonably warm weather boosted employment during the winter months, with a “payback” spread over April and May.

The financial services sector added 11,000 jobs from May to June, extending this sector’s consecutive advances to eleven months.

At least Libor-manipulating banks are hiring.

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