ADP Employment Data Shows Manufacturing Jobs Disappearing

After plunging in May, ADP employment data bounced but has begun to rollover once again and while the trend appears to be weakness, thanks to downward revisions, the latest month was a modest pick up.

September ADP revised down from +135k to +93k and October ADP printed +125k (+110k exp)...

Source: Bloomberg

Services sector added 138k jobs while manufacturing lost 13k...

Source: Bloomberg

Small employers (1-19) saw job losses (-12k) with large employers (1000+) added 33k.

Finally we note that for the last five months, the official BLS data has been worse than ADP's employment signal...

Source: Bloomberg