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ADP Employment Misses As Goods Employment Falls

US DATA
  • ADP employment growth was softer than expected in November at 127k, below the 200k expected and 190k consensus for private payrolls in Friday’s release, led by a sizeable 86k decline in goods-producing industries.
  • No revision to offset the miss.
  • From the press release: “Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains”
  • “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.”


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