00:00Contraction, not good. Negative 32,000 is the headline number for ADP, which is obviously the worst in quite some time.
00:09Goods producing jobs down by 3,000 within that category. Construction off by 5,000. People have been waiting for that.
00:16Manufacturing down by 2,000. 28,000 service industry jobs, ADP says, were lost.
00:2319,000 in leisure and hospitality and professional and business services down 13,000.
00:29The only real positive category is education and health services, which is always the big hiring place.
00:3533,000 on the month. As far as pay insights, median change in annual pay for job stayers was up 4.5%.
00:43If you change jobs, you got a 6.5% raise, they said. So this is where we are.
00:49Oh, and last month, by the way, revised down to a 3,000 negative job print instead of 54,000.
00:57You know, if we had these numbers and then we're getting non-farm payrolls on Friday, you'd see a lot of people maybe starting to change their forecasts for Friday and lower them because this is not a good number.
01:09And we have seen ADP, as Lisa was saying, get a little bit closer to the overall numbers on a month-by-month release basis than the BLS until those revisions come in.
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