Labor Markets Tighten
ADP Shows Big Job Gains In January In “Excruciatingly Tight Labor Market”
Having dramatically beaten expectations last month (and printed way ahead of NFP), ADP has done it again in January, printing a 234k job gain in January (185k exp). The bulk of the gains were in Services (+212k vs +22k in Goods which are seeing slower growth).
Notably growth in the manufacturing job additions is slowing…
As a reminder, ADP saw 250k jobs added in Dec versus just 148k for Non-Farm Payrolls.
Since Trump’s election, ADP’s print has been systemically higher than the BLS’ data? Makes one wonder if Zandi’s firm is helping The Fed with excuses to tighten?
Only inflation jobs sector declined…
Mark Zandi proclaimed on CNBC that this to be an “excruciatingly tight labor market.”
“The job market juggernaut marches on. Given the strong January job gain, 2018 is on track to be the eighth consecutive year in which the economy creates over 2 million jobs. If it falls short, it is likely because businesses can’t find workers to fill all the open job positions.”