December’s ADP jobs report is out and it is a good news. bad news type of report.
First, the good news. 235k jobs were added in December.
Now for the bad news, job stayers saw their annual salary growth fall to 7.3% Year-over-year (YoY).
But while job growth remains good (which will allow The Fed to keep raising rates), the trajectory in the pink box is slowing.
The breakdown from ADP.
How about US Services PMI Business Activity SA? Do I detect a trend??
The Fed’s Dot Plot from December is still pointing to a pivot in 2024.