Against expectations of a 195k gain, ADP reported 200k (from a downwardly revised 205k -was 214k – in Feb). While manufacturing has been weak, Services sector job gains have been the pillar of this 'recovery' so with ISM Services Employment plumbing 2-year low depths, we simply ask Mark Zandi to explain how ADP sees such strength in that same sector. Services added 191k, goods added 9k as small businesses gained 86k jobs (the most of the cohorts)… as Zandi explains "the econmy is doing very well, ignore GDP."
All looks normal, right – steady recovery…
Dear Mark Zandi, explain this…
The Breakdown…
"The economy is doing well, pay no attention to GDP"
Goods-producing employment rose by 9,000 jobs in March, up from a downwardly revised 2,000 in February. The construction industry added 17,000 jobs, which was down from February’s 24,000. Meanwhile, manufacturing added 3,000 jobs after losing 9,000 the previous month.
Service-providing employment rose by 191,000 jobs in March, down from 204,000 in February. The ADP National Employment Report indicates that professional/business services contributed 28,000 jobs, down sharply from February’s 51,000. Trade/transportation/utilities grew by 42,000, well above the 24,000 jobs added the previous month. Financial activities added 14,000 jobs which is in line with the average monthly increase in that sector over the past year.
"The Trade, Transportation and Utilities sector had its best month of employment gains since last June,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Steady employment growth and accelerating wage growth in the workforce appear to be benefitting the Trade segment in particular.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues on its amazing streak. The March job gain of 200,000 is consistent with average monthly job growth of the past more than four years. The only industry reducing payrolls is energy as has been the case for over a year. All indications are that the job machine will remain in high gear.”
Full Breakdown…
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Запись Dear Mark Zandi… Please Explain This (Again) впервые появилась crude-oil.top.