After March’s gravely disappointing miss (well below the March rebound in non-farm payrolls), ADP employment was expected to rebound to its somewhat flat forecast of 180k in April.
After last month’s +129k miss, ADP played catch up this month with a massive +275k (and upward revision to +151k for March) with Services adding 223k and Goods producers up 52k
“April posted an uptick in growth after the first quarter appeared to signal a moderation following a strong 2018,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“The bulk of the overall growth is with service providers, adding the strongest gain in more than two years.”
Information and Natural Resource jobs declined…
Mark Zandi, chief economist of Moody’s Analytics, said,
“The job market is holding firm, as businesses work hard to fill open positions. The economic soft patch at the start of the year has not materially impacted hiring. April’s job gains overstate the economy’s strength, but they make the case that expansion continues on.”
Soaring GDP and employment data – and yet the market still expected 30bps of rate cuts in 2019? Something is wrong here!
via ZeroHedge News http://bit.ly/2WpBxpG Tyler Durden