Following last month’s disappointing drop in ADP jobs (then confirmed by payrolls), October’s ADP employment report printed 147k (less than the expected 165k) – the weakest since April 2013. A major upward revision (from 154k to 202k) for September. Construction (as spending collapses) and education jobs declined notably as the overall trend of job gains continues to weaken.
The trend continues to weaken…
As a reminder, The Fed’s own labor market indicator is now in contraction YoY…
Full ADP Breakdown: