ADP Employment Data Shows Biggest Job Gain Since 2015 (Thanks To Mild Weather?)
After resurging last month back above a 200k gain (thanks to a rebound in goods-producing jobs), ADP was expected to show a more modest 157k gain in January but instead it exploded higher by 291k – the most since May 2015…
Source: Bloomberg
No wonder President Trump tweeted yesterday that: “Market up big today on very good economic news. JOBS, JOBS, JOBS!”
Goods-Producing jobs soared (as did services)…
Source: Bloomberg
Mark Zandi, chief economist of Moody’s Analytics, said:
“Mild winter weather provided a significant boost to the January employment gain. The leisure and hospitality and construction industries in particular experienced an outsized increase in jobs. Abstracting from the vagaries of the data underlying job growth is close to 125,000 per month, which is consistent with low and stable unemployment.”
Under the hood, everything was solid aside from natural resources/mining…
Finally we note that December’s ADP print was the first ‘beat’ of BLS official data in 8 months…
Source: Bloomberg
Tyler Durden
Wed, 02/05/2020 – 08:20
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