Hospitality Jobs Tumble For First Time In Almost 3 Years As ADP Disappoints

After ADP has printed lower than BLS for the last two months…

Source: Bloomberg

…expectations were for a small tick higher in November (from 113k to +130k), despite the ugly JOLTS print. However, ADP reported just 103k jobs added (and October revised down to 106k)…

Source: Bloomberg

Manufacturing saw the biggest job losses but Leisure and Hospitality lost jobs for the first time since Feb 2021…

ADP’s Chief Economist Nela Richardson notes that:

“Restaurants and hotels were the biggest job creators during the post-pandemic recovery. But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”


Job-stayers saw a 5.6 percent pay increase in November, the slowest pace of gains since September 2021. Job-changers, too, saw slowing pay growth, posting pay gains of 8.3 percent, the smallest year-over-year increase since June 2021. The premium for switching jobs is at its smallest in three years of data.

Is this the recessionary signals the STIRs market is banking on for 125bps of rate-cuts next year? Because stocks sure aren’t thinking recession.


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The post Hospitality Jobs Tumble For First Time In Almost 3 Years As ADP Disappoints appeared first on Nemos News Network.


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