As was reported to mass jubilation on Wednesday, the ADP private payrolls number soared to the highest monthly change since November 2012, a 238,000 increase driven by what the report said was a 48,000 increase in construction jobs. ADP’s Mark Zandi went on the record to say that “The job market ended 2013 on a high note. Job gains are broad-based across industries, most notably in construction and manufacturing. It appears that businesses are growing more confident and increasing their hiring.” It appears not. According to today’s BLS report in December, on a seasonally adjusted basis, the construction industry lost 16K jobs. And where it gets really funny is when one looks at construction on a non-seasonally adjusted basis, construction jobs plummeted by a whopping 216,000! However you cut it someone is obviously lying. If we cared we would ask who. However, since both data series are completely fabricated, who even cares?
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZhGAZCr3wSc/story01.htm Tyler Durden