print-icon
print-icon

ADP Employment Disappoints, US Manufacturing Sees Biggest Job Losses Since June 2023

Tyler Durden's Photo
by Tyler Durden
Wednesday, Dec 04, 2024 - 01:24 PM

After surging 233k higher in October (biggest jump since July 2023), expectations were for a slowdown in job additions in November to +150k. The reality was a double whammy of pain with October's surge revised down to just +184k and November's print missing expectations at +146k...

Source: Bloomberg

"While overall growth for the month was healthy, industry performance was mixed," said Nela Richardson, Chief Economist, ADP.

"Manufacturing was the weakest we've seen since spring. Financial services and leisure and hospitality were also soft."

That was the biggest manufacturing job loss since June 2023...

Source: Bloomberg

October's revision was the largest to the downside since May 2023...

Source: Bloomberg

Worse still, wage growth starting to rise again (after unions scored huge wage increases).

  • Job-changer wage growth rose to 7.20% YoY  from 6.70%, highest since August.

  • Job-stayer wage growth 4.80%, highest since June; year-over-year pay gains for job-stayers edged up for the first time in 25 months

Source: Bloomberg

...of course, all that matters is Friday's made-up data for The Fed's decision next week.

0
Loading...

NEVER MISS THE NEWS THAT MATTERS MOST

ZEROHEDGE DIRECTLY TO YOUR INBOX

Receive a daily recap featuring a curated list of must-read stories.

Want more of the news you won't get anywhere else?

Sign up now and get a curated daily recap of the most popular and important stories delivered right to your inbox.