ADP Employment Report Shows 12th Straight Month Of Job Gains

With jobless claims still hovering near multi-decade lows and Job Openings soaring, and despite near record low consumer sentiment (particularly about the labor market), ADP was expected to report another strong employment report this morning with the US economy adding 120k jobs.

The actual print was a disappointing +98k, but still represented the 12th straight month of employment gains…

Source: Bloomberg

Once again Small Business led the charge with hiring, but the gains were seen across all firm sizes…

Interestingly, only the Natural Resources & Mining sector saw job losses…

The median pay gain for job-stayers was little changed at 4.4 percent, while year-over-year pay growth for job-changers accelerated to 6.6 percent.

“The pace of hiring is telling a story of both supply and demand,” said Dr. Nela Richardson Chief Economist, ADP.

“We know it’s taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.”

Still, this is hardly the collapse in labor market sentiment that surveys are suggesting…