ADP December national employment +41K vs +47K expected

• Prior was -32K

• Goods-3K versus -19K last month
• Service +44K versus -13K last month
• small business +9K vs -120K prior (6 of the last 7 months have been negative)
• medium businesses +34K vs +51K last month
• large businesses +2K vs +39K last month
• Wages for job stayers +4.4% vs +4.5% last month
• Wages for job changers 6.6% vs 6.3% last month

The initial market reaction to the report has been mum but we’ve seen some small bids in bonds.

“Small establishments recovered from November job losses with positive end-of-year hiring, even as large
employers pulled back,” said Dr. Nela Richardson, chief economist, ADP

Sector changes.

• Education and health +39K vs +30K prior
• Leisure hospitality +24K vs +13K prior
• Trade transportation and utilities +11K vs +1K prior
• Financial activities +6K vs -9K prior
• Professional business services -29K vs- 26K prior

AI is coming for the ‘professional business services’ jobs first. As for much of the year, it’s been government-related healthcare jobs holding up while private sector jobs struggle.

The next Bureau of Labor Statistics (BLS) non-farm payrolls report (Employment Situation) is scheduled for Friday, January 9 at 8:30 am ET as we slowly catch up on economic data after the US government shutdown. The bad news is that there is already talk of another shutdown.

This article was written by Adam Button at investinglive.com.