Automated Data Processing (ADP) handed out the week’s sole monthly update on the U.S. labor market this Wednesday morn. We don't get Federal government data this Friday. ADP’s report has been +30,000 to +40,000 jobs shy of Federal estimates.
ADP’s September private sector employment increased +166,000 jobs. The company's economists revised down August’s job gain from +176,000 to +159,000.
Top-line job additions reflected pure “Muddle Through” U.S.A. demand.
Inner details in this report were more interesting.
First, small businesses below 50 employees added +74,000 of the +166,000 jobs. No visible effect is there from Obamacare health insurance costs.
Second, finance shed -4,000 jobs via layoffs seen in the home mortgage sector. There has been softness, or overreach, in home finance markets. But construction added +16,000 jobs. Building activity is healthy.
Third, services made up +147,000 of the +166,000 jobs. It’s a service-driven recovery.
Fourth, trade/transport/utilities handed in the biggest sector gain, at +54,000. It’s the most globally exposed sector.
My RTI Question: Of These Four Details, Which Do You Think Is MOST Interesting?
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