In case you missed it, U.S. job growth was buried in today’s ADP employment report.
While ADP reported and overall net loss of -22,000 jobs during January, they at the same time reported that -37,000 jobs were lost in construction. Another -16,000 jobs were lost in the category ‘Financial Activities’.
Given that the U.S. just came off of a housing and finance bubble, while we want new jobs to appear, hopefully they won’t be in the housing or financial industries, which probably still have a ways to go before fully deflating from bubble-levels.
And actually, if you strip construction and financial jobs from the ADP data, you see a refreshing picture of the rest of the U.S. economy.
For the first time during this downturn, ADP jobs data, ex-construction and finance, grew in January. The data implies that job creation started in January for the rest of the American economy. (Note we say ‘implies’ since ADP’s available data was seasonally-adjusted, thus subject to some estimation) Hopefully these new jobs won’t end up being part of a new bubble economy since we’re still trying to work off the old one.
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