MAGAnomics – ADP Private Payrolls: 219,000 Jobs Gained, 23,000 More Manufacturing Jobs…


The ADP national employment report is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of companies served by ADP. The report measures approximately 24 million U.S. workers along with employment trends in collaboration with Moody’s Analytics.

For July 2018, ADP has calculated payroll increases of 219,000 new jobs including 23,000 more manufacturing jobs created as an outcome of a resurgence in manufacturing and goods-producing industries. In the last 19 months, the U.S. has added 836,000 manufacturing jobs.  [For contrast: in the 19 month period preceding President Trump’s MAGA-Magic-manufacturing growth, only 26,000 manufacturing jobs were created.]

(Via CNBC) Private payrolls in the U.S. increased by more than expected last month as companies get a boost from lower corporate taxes, ADP and Moody’s Analytics said Wednesday.

Jobs in the U.S. increased by 219,000 in July, while economists polled by Reuters expected a gain of 185,000. July’s job gains were the best since February, when 241,000 jobs were added. Jobs growth for the previous month was also revised up to 181,000 from 177,000.

“The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending,” said Mark Zandi, chief economist of Moody’s Analytics, in a statement. “Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat.” (more)

Overall Blue and White Collar job gains are very strong. In the aggregate the supply chain for all goods-producing industries are struggling to keep up with demand as the economy continues to expand due to America-First growth and investment. A good problem to have.

The trade and transportation sector added 21,000 jobs; a direct response to the need for material shipments and factory replenishment.   Raw materials (inbound) and finished goods (outbound) all lead to an increase in transportation jobs.

The jobs growth is across all business sizes: small (1-49 employees); medium (50-499)  and large business (500+) are all seeing growth in jobs:

Here’s the ADP report:

https://www.scribd.com/embeds/385223499/content?start_page=1&view_mode=&access_key=key-ipTbLJjCr6cl8fQyU6bV

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It is worth noting the jobs sectors with the largest gains are also the sectors with the fastest rising wages.  Obviously the correlation does not need to be explained:

(link to wage growth data)

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