ADP employment report/less bad trend continues

ADP said the private sector shed 22k jobs in Jan, 8k less than expected and follows a decline of 61k in Dec which was revised from -84k. The less bad theme continues as it’s the smallest decline since jobs were added back in Jan ’08. The entire decline though was in the goods producing sector as the services providing sector added a net 38k jobs with small and medium sized businesses adding workers. Large service providing co’s (those with more than 500 employees) had a net change of zero. Construction shed 37k jobs and the total lost in this group from the Jan ’07 high is now 1.8mm. The financial services area lost 16k jobs. Friday’s Payroll expectation is for +10k which does include the public sector. Now that we’ve gotten back to the point where the economy is basically no longer shedding jobs, the question still is open to how soon jobs will be added that will be enough to lower the unemployment rate.

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