ADP employment
- Prior was +27K (revised to +41K)
- Goods producing -15K
- Service producing +117K
- Small -23K
- Medium +60K
- Large +65K
That chart looks like the abrupt slowdown that Powell was warning about. This keeps a Fed cut on track but doesn't exactly solve the questions about what comes next.
The concentration of losses in the goods producing side is an interesting correlate to the slowdowns in regional manufacturing surveys. It also points strongly to trade tensions.
