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ADP Employment Disappoints – No Manufacturing Jobs Gained In June

Courtesy of ZeroHedge. View original post here.

After jumping heroically in May, ADP reported a disappointing 158k employment gain in June (188k exp.) and revised May's exuberance notably lower (253k to 230k). While 'soft' survey data suggests empoloyment should be resurging, the hard numbers are disappointing again…

Medium-sized firms dominated the gains (+91k vs Small firms 17k and Large firms +50k).

Perhaps most notable for President Trump is that all 158k of the gains came in the Service-Producing sector of the economy – Goods-Producing Sector gained zero jobs.

“Despite a slight moderation in the month of June, the labor market remains strong,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “For the month of June, jobs were primarily created in the service-providing sector.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000. At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter.”  

The drop in context:

Change in Nonfarm Private Employment

Change in Total Nonfarm Private Employment

Change in Total Nonfarm Private Employment by Company Size

 


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