The latest ADP employment numbers are out and it doesn't look rosy.
In particular, jobs from productive segments all went down (construction, manufacturing and mining), while jobs from non-productive segments went up (education, finance, leisure).
This tells me that the U.S. GDP is losing its significance as a measure of productivity.
In particular, jobs from productive segments all went down (construction, manufacturing and mining), while jobs from non-productive segments went up (education, finance, leisure).
This tells me that the U.S. GDP is losing its significance as a measure of productivity.
On the other hand though, the latest non farm payrolls report showed a huge increase in jobs. So we're seeing a large discrepancy here.
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