The 13,000 gain was the smallest since February and followed a revised 57,000 increase the prior month, figures from ADP Employer Services showed today.
ADP measures private sector work, so this doesn't include the census worker hire/fire monkey business. But the decline in employment gain is not a good sign.
As would be expected based on Austrian Business Cycle Theory, the report showed a decrease of 17,000 workers in goods-producing industries including manufacturers and construction companies. Employment in construction fell by 35,000, while factories added 16,000 jobs. Service providers added 30,000 workers.
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