It was another bad report for small firms and the goods-producing sector.
The ADP Employment Report for October showed only 147,000 jobs added, compared with 202,000 jobs added in September. And YoY growth in employment was only 1.85%.
The jobs added were mostly for large firms, another kick in the head for the usual jobs creators, small firms. And good-producing firms lost -18,000 jobs while service firms gained 165,000 jobs.
Here is a closer look showing the contraction in construction jobs. And the jobs added in 1,000+ employee businesses. Information firms added only 3,000 jobs.
The Fed Open Market Committee will announce their rate change decision at 2pm this afternoon. Will Fed Chair Janet Yellen be delivering a Christmas present early
Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.