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ADP: Solid Rebound
March 8, 2023
Bottom Line: ADP reported a rebound in the pace of hiring in February, with payrolls rising 242k, well above the consensus estimates looking for 200k. Moreover, the January data, which had missed expectations to the downside, were revised modestly higher. Leisure and hospitality jobs led the advance in payrolls, while education and health services saw solid gains. Construction jobs declined amid the housing slowdown, but manufacturing jobs rose sharply. The largest segment, trade, transportation, and utilities, saw very small gains and has been nearly unchanged for several months. Overall, ADP's report offered a potential upside risk to estimates of 200k for Friday's national payroll data. And on a trend basis, the report shows job growth slowing only very slowly.
Article by Contingent Macro