Against expectations of a 195k gain, ADP reported just 156k job growth in April with manufacturing losing jobs once again and services job growth clowing quickly to catch down to such negative indicators as ISM Services Employment. This is the worst headline print since April 2013. From last week's job-creation-machine firinmg on all cylinders, Mark Zandi is now more cautious – “The job market appears to have stumbled in April. Job growth noticeably slowed, with some weakness across most sectors. One month does not make a trend, but this bears close watching as the financial market turmoil earlier in the year may have done some damage to business hiring.”
Overall this is the worst print since April 2013…
As Servcies jobs start to fade…
Manufacturing lost jobs once again (after a brief bounce)…
Goods-producing employment dropped by 11,000 jobs in April, down from a downwardly revised 5,000 in March. The construction industry added 14,000 jobs, which was down from March’s 18,000. Meanwhile, manufacturing lost 13,000 jobs after being revised down to -3,000 the previous month.
Service-providing employment rose by 166,000 jobs in April, down from 189,000 in March. The ADP National Employment Report indicates that professional/business services contributed 27,000 jobs, down a bit from March’s 31,000. Trade/transportation/utilities grew by 25,000, well down from the 42,000 jobs added the previous month. Financial activities added just 4,000.
"Despite the softest overall monthly jobs added in three years, small businesses remained an engine for job growth in April,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Smaller businesses are less susceptible to global conditions, such as low commodity prices and the strong dollar, that may have caused larger businesses to ease up on hiring.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market appears to have stumbled in April. Job growth noticeably slowed, with some weakness across most sectors. One month does not make a trend, but this bears close watching as the financial market turmoil earlier in the year may have done some damage to business hiring.”
Full Breakdown…
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via http://ift.tt/21wmbfE Tyler Durden