Fed Increasingly Cornered As ADP Reports Surprising Beat In Jobs
After surprisingly jumping in December, ADP's employment report fell back to a more normal 200k ish level in January and now in Feb it rises once again to 214k (from 193k in Jan - revised down from 205k - and better than expectations of 190k). Manufacturing jobs, according to ADP remain relatively flat for the last year (down 9k in Feb - the second largest drop in 5 years), despite a collapse in ISM Manufacturing's Employmet index.