Article originally appeared on www.zerohedge.com.
After surging 233k higher in October (biggest jump since July 2023), expectations were for a slowdown in job additions in November to +150k. The reality was a double whammy of pain with October’s surge revised down to just +184k and November’s print missing expectations at +146k…
Source: Bloomberg
“While overall growth for the month was healthy, industry performance was mixed,” said Nela Richardson, Chief Economist, ADP. “Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft.”
That was the biggest manufacturing job loss since June 2023…
Source: Bloomberg
October’s revision was the largest to the downside since May 2023…
Source: Bloomberg
Worse still, wage growth starting to rise again (after unions scored huge wage increases).
Job-changer wage growth rose to 7.20% YoY from 6.70%, highest since August.
Job-stayer wage growth 4.80%, highest since June; …
| View full article |
