Against expectations of a 195k gain, ADP reported 200k (from a downwardly revised 205k -was 214k – in Feb). While manufacturing has been weak, Services sector job gains have been the pillar of this ‘recovery’ so with ISM Services Employment plumbing 2-year low depths, we simply ask Mark Zandi to explain how ADP sees such strength in that same sector. Services added 191k, goods added 9k as small businesses gained 86k jobs (the most of the cohorts)… as Zandi explains “the economy is doing very well, ignore GDP.”
All looks normal, right – steady recovery…nothing “normalized” about this at all…
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