The ADP job numbers are horrendous – 100,000 manufacturing jobs are lost. The only increase was in leisure and hospitality, which are usually second jobs. The numbers are awful. Â Another 77,000 jobs were lost in business services, 34,000 in financial activities, and 25,000 in information services. There was nothing but bad news.
Let’s hope Friday’s numbers are much better.
It looks like a precursor to stagflation. How bad do things have to get before people realize how bad this leadership is for the country?
Companies added just 127,000 positions for the month, a steep reduction from the 239,000 the firm reported for October, and well below the Dow Jones estimate for 190,000. It also was the lowest total since January 2021…
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In the ADP report, the biggest sector gainer by far was leisure and hospitality, which saw an increase of 224,000.
However, that was offset by losses in manufacturing (-100,000), professional and business services (-77,000), financial activities (-34,000), and information services (-25,000). Goods-producing industries overall saw a decline of 86,000 jobs, while services firms added 213,000 on net.
What will the Federal Reserve do?
The ADP jobs report came in below expectations. I read it as really bad. We lost 100k manufacturing jobs. The only increase was leisure and hospitality. This often means people picking up 2nd jobs.. pic.twitter.com/HqyVbaLmAi
— Frog Capital (@FrogNews) November 30, 2022
November ADP payrolls +127k vs. +200k est. & +239k in prior month … huge decline in manufacturing (-100k) and professional/business services (-77k), while leisure hospitality added 224k and education/health services added 55k pic.twitter.com/r4Hh7AWvTb
— Liz Ann Sonders (@LizAnnSonders) November 30, 2022
RINOS JOIN DEMOCRATS
While this horror is happening, a dozen Senate Republicans are helping fund a huge spending bill. Spending is a good part of why we are in this mess.
Senators who voted for the massive spending are Roy Blunt of Missouri, Richard Burr and Thom Tillis of North Carolina, Shelley Moore Capito of West Virginia, Susan Collins of Maine, Cynthia Lummis of Wyoming, Rob Portman of Ohio, Mitt Romney of Utah, Dan Sullivan and Lisa Murkowski of Alaska, Joni Ernst of Iowa, and Todd Young of Indiana.
McConnell agreed with the vote.
wpDiscuz
