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ADP: Declines Across Several Sectors
November 30, 2022
Bottom Line: ADP reported weaker-than-expected job gains in November. Leisure and hospitality jobs rose sharply for the second month, but a host of sectors saw losses. Manufacturing jobs fell by 100k, a huge decline for that sector, as ADP's payrolls in financial services, information (some tech but a lot of traditional media), and professional and business services (which includes establishments like accounting and law firms) saw significant declines. Overall, ADP's report offers downside risk for Friday's non-farm payroll report. Moreover, the report confirms a slow but steady slackening in labor markets.
Article by Contingent Macro