A Dropoff in Manufacturing Employment?
From the ADP release: Figure 1: Change in manufacturing employment since 2025M01 from BLS (blue), preliminary benchmark revision from BLS (light blue square), from ADP (green). Orange shading denotes post-Liberation Day period. Source: BLS, ADP via FRED, BLS, and author’s calculations. Private NFP doesn’t show a dropoff, but growth didn’t match expectations (+38K vs. +47K Bloomberg consensus): […]
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