ADP Employment Gains Slump To Weakest Since Trump – Weather & Amazon.com Blamed

After somewhat surprsingly surging to its highest levels since Dec 2014 in March (4 sigma beat), April ADP tumbled to 177k (and March was revised lower from 263k to 255k). This is the lowest growth in jobs since October 2016 – pre-Trump – with service-producing jobs gaining dramaticaly more than goods-producing (165k vs 12k).
The collapse in both ISM’s Manufacturing and Services Employment sub-indices suggested notable downside for jobs in April and sure enough the ADP print corrected and was revised lower…
Medium-sized companies (50-499 employees) added the most jobs (78 of the 177k) and large businesses the least (38 of the 177k).

This post was published at Zero Hedge on May 3, 2017.