After missing expectations in a dismally weak February print, March turned out even worse. Despite Mark Zandi's reassurances that Feb was a weather-related blip, March ADP employment change was a mere 189k (against expectations of 225k) dropping to its lowest since January 2014. Large business hiring was the worst, adding a mere 19k. Zandi said in Feb that "jobs growth is strong but slowing," but now it appears weak and accelerating lower. And the now recurring punchline: manufacturing jobs -1,000.
Oops!
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The breakdown:
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The worst month in over a year:
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The comparison between ADP and BLS:
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Job changes by company size:
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and by industry:
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ADP adds...
"March job gains came in under 200,000 for the first time since January of last year,” said Carlos Rodriguez, president and chief executive officer of ADP. “The decline was centered in the largest companies, those with 1000 or more employees.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth took a step back in March. The fallout from the collapse in oil prices and surge in value of the dollar is hitting the job market. Despite the slowdown, underlying job growth remains strong enough to reduce labor market slack.”
Finally, the always amusing ADP infographic:
