American Goods-Producers Suffer Biggest Job Loss In 2 Years, Services Employment Soars
The US economy added 183k jobs in January according to ADP – the biggest addition since October. Additionally, December’s +122k print was revised dramatically higher to +176k…
Source: Bloomberg
… above January’s print was above all analysts’ expectations.
Source: Bloomberg
But…
“We had a strong start to 2025 but it masked a dichotomy in the labor market. Consumer-facing industries drove hiring, while job growth was weaker in business services and production,” said Nela Richardson, Chief Economist, ADP.
With Goods-producers seeing 6k job losses (the worst since Nov 2023) as Services soared 190k (the most since July 2023)
Source: Bloomberg
With Manufacturing hit hard once again…
Source: Bloomberg
Additionally, for the first time since March 2023, Job-Stayers saw wage growth accelerating…
Source: Bloomberg
So, does Powell care about manufacturing jobs or just all jobs? None of this signals a more dovish ‘data dependent’ Fed will move soon.
Tyler Durden Wed, 02/05/2025 – 08:26
Source: https://freedombunker.com/2025/02/05/american-goods-producers-suffer-biggest-job-loss-in-2-years-services-employment-soars/
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