After ADP’s reports printed almost perfectly in line with BLS last month (+177k vs +187k), all eyes are on today’s print, which was expected to decline to +150k. Instead it plunged to just +89k – that is the lowest jobs addition since Jan 2021… Source: Bloomberg
The ADP print is around half the expectation for Friday’s NFP print of +170k. Large firms dominated the weakness… Manufacturing and Professional & Business Services saw large declines in jobs (ADP says professional business services down 32K, BUT JOLTS reported a 509K increase in professional and business services job openings!!!!) “We are seeing […]
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