The US economy added 183k jobs in January according to ADP - the biggest addition since October. Additionally, December's +122k print was revised dramatically higher to +176k...

... above January's print was above all analysts' expectations.

"We had a strong start to 2025 but it masked a dichotomy in the labor market. Consumer-facing industries drove hiring, while job growth was weaker in business services and production," said Nela Richardson, Chief Economist, ADP.

With Goods-producers seeing 6k job losses (the worst since Nov 2023) as Services soared 190k (the most since July 2023)

With Manufacturing hit hard once again...

Additionally, for the first time since March 2023, Job-Stayers saw wage growth accelerating...

So, does Powell care about manufacturing jobs or just all jobs? None of this signals a more dovish 'data dependent' Fed will move soon.

...a strong start to 2025 but it masked a dichotomy in the labor market.
{ai:summary}The US economy added 183,000 jobs in January, marking the largest increase since October, with December's figures revised upwards. Consumer-facing industries contributed significantly to this growth, while goods-producing sectors experienced job losses.Despite the positive job numbers, concerns remain about the disparity in labor market performance, particularly in manufacturing. Wage growth for job-stayers has accelerated, but the Federal Reserve is unlikely to shift its stance based on these mixed signals. #economy

American Goods-Producers Suffer Biggest Job Loss In 2 Years, Services Employment Soars

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