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December 01, 2022

ADP: The Nation Lost a Full 100,000 Manufacturing Jobs In November

It picked up some jobs in leisure and hospitality, which this account points out usually represents people picking up 2nd jobs moonlighting as bartenders or the like.

Frog Capital @FrogNews

The ADP jobs report came in below expectations. I read it as really bad. We lost 100k manufacturing jobs. The only increase was leisure and hospitality. This often means people picking up 2nd jobs..

Beege Wellborn writes:

Another batch of information the Fed takes into account when determining rate increases is the unemployment rate and the ratio of job openings to job seekers, which, to their minds, has been too high (running about 2-1). Their target rate is 1.2 job openings for every job seeker. A report that also dropped this morning -- the Job Openings and Labor Turnover Survey or JOLTS -- provides that snapshot for them. The JOLTS came in on a downward slide, as well, and has people raising warning flags about the Fed being overly aggressive. Job openings sank by 353,000 and "quits" (people who leave their job for a better opportunity) hit lows not seen in the past year, even as hiring dries up.

More at the link.


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posted by Ace at 05:20 PM

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