The ADP jobs report just came out, and for the most part it was unremarkable.
The headline number of 216K new private sector jobs came in right in line with expectations.
There are two things that stood out though.
First was this chart, looking at financial and construction jobs. Both of them were famously beaten down, and both of them had very good months.
And then also there’s this table on job creation by size of business. Note the robustness of small business job growth. This is key since last night we reported on the weak jobs report from the NFIB small business survey. So the good news is that that bad news wasn’t confirmed by NFIB.