Having fallen for 5 straight months (and missed expectations for the last 4), much to the 'recovery meme' chagrin of Mark Zandi and his fellow extrapolators, May's 201k print (against expectations of 200k) was a modest bounce that will be seen as heralding the post-weather recovery. At 201k, ADP job change remains below every month of 2014 aside from January. Led by small business - which gained 122k of the 201k jobs, we note that large firms 500-999 employees actually saw jobs being shed. Furthermore, Service-providing jobs dominated with 192 of 201k jobs coming from that segment of the economy and just 9k growth in goods producing with manufacturing dropping 5k. Zandi's helpful remarks provide the narrative, "I think the economy is doing much better than the data shows and when it is all revised will show strong growth." Brilliant.
A modest bouince but the 3rd monthly decline in manufacturiong jobs...
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Via ADP
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And some more charts:
Change in Nonfarm Private Employment
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Change in Nonfarm Private Employment
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Change in Nonfarm Private Employment
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Change in Nonfarm Private Employment
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