US Private Payrolls Show Surprise Decline in June: ADP

Watch US Private Payrolls Show Surprise Decline in June: ADP - Bloomberg on Dailymotion

Transcript

00:00Looks a little bad this morning and it certainly will get Wall Street's attention and maybe a little bit at the Fed.

00:05But as Lisa will tell us, it doesn't really matter because they're not very accurate in forecasting the NFP numbers on Friday.

00:12But as you say, a negative 33,000 print, that's the first one in some time.

00:17We'll look that up right now.

00:18It looks like a lot of that comes from the service providing sector down 66,000 jobs.

00:24Professional and business services lost 56,000.

00:27They say education and health care services lost 52,000.

00:31Now, remember, education and health care is the big number every month, the one that adds the most jobs in the payrolls report.

00:39The construction jobs were up 9,000.

00:43Everybody's been watching that to see if there's an immigration impact.

00:47And manufacturing jobs, they say, up 15,000.

00:50And remember, yesterday we got that ISM manufacturing number that hit a multi-month low of just 45.

00:58The other number that they put out is the pay changes for job stayers, 4.4 percent in last month, job changers up 6.8 percent.

01:08Those are not numbers that, if they were accurate, the Fed would be particularly happy about.

01:13So, overall, a really negative number, and we'll see what we get tomorrow.