00:00It's a miss to the extent that you can forecast ADP.
00:03It's 44,000 jobs created during the month of July in the private sector.
00:08That is less than the 65 that was forecast.
00:11Last month's 98 revised down slightly to 95.
00:14What's really kind of interesting is you look under the hood here at where the jobs were created and or
00:20lost.
00:21Natural Resources and Mining lost 6,000 jobs.
00:24Could that be a cutback in oil drilling?
00:27Don't know at this point.
00:28Construction only adding 1,000 and manufacturing adding 2,000.
00:33The service providing jobs, as always interesting, Education and Health Services, the leader, 36,000 jobs.
00:39That one has ratcheted down in both this survey and the non-farm payrolls survey over the recent months.
00:46But leisure and hospitality loses 11,000 jobs.
00:50Now, that's very unusual during the summer.
00:54Normally, you would see gains, especially for June and July as they ramp up summer camps and amusement parks and
01:03people go out to eat and sit outside.
01:05So that's kind of one to watch when we get to Friday and see what's going on.
01:09The pay numbers from ADP, job stayers, 4.4 percent, job changers, 7 percent.
01:16So I guess the story is go find a job somewhere else.
01:19The question is, do people think they can?
01:22And that's what we've seen in those consumer confidence numbers worsening.
Comments