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

Lawfare Resumes: Judge Blocks Trump's Order Sending Transgender Prisoners to the Correct Prison

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setts (you just knew it was going to be Massachusetts or California, didn't you?), but that ruling applies only to the inmate who brought the suit.]]>...

USAID Shutting Down Overseas Missions, Nearly All Staff Will Be Placed on Leave: Report

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Pure Gold: CNN Panel's Reaction to Dems' Wild Treasury Protest Is Hilarious

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have gone bat nuts over the Department of Government Efficiency (DOGE) and Elon Musk actually reviewing the spending of the U.S. government. ]]>...

Biden-Era Climate Rule Dead After Court Grants Dismissal Of Appeal

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Created" content="2025-02-05T13:35:00+00:00" class="field field--name-created field--type-created field--label-hidden">Wed, 02/05/2025 - 08:35 ...