GDP underneath Bloomberg consensus of three.0% at 2.8% (GDPNow nails it). ADP personal NFP change at 233K vs. Bloomberg consensus at 110K.
Determine 1: Nonfarm Payroll (NFP) employment from CES (blue), implied NFP from preliminary benchmark (daring blue), civilian employment (orange), industrial manufacturing (pink), private earnings excluding present transfers in Ch.2017$ (daring gentle inexperienced), manufacturing and commerce gross sales in Ch.2017$ (black), consumption in Ch.2017$ (gentle blue), and month-to-month GDP in Ch.2017$ (pink), GDP (blue bars), all log normalized to 2021M11=0. Supply: BLS through FRED, Federal Reserve, BEA 2024Q3 1st launch, S&P World Market Insights (nee Macroeconomic Advisers, IHS Markit) (10/1/2024 launch), and writer’s calculations.
Determine 2: Non-public nonfarm payroll employment from BLS (blue), implied preliminary benchmark revision of personal NFP from BLS (pink), and ADP-Stanford Digital Financial system Lab personal nonfarm payroll employment (inexperienced), all in 000’s. Supply: BLS, ADP through FRED, and writer’s calculations.
Recall, the ADP numbers will not be primarily based on a survey (so no points concerning the agency birth-death mannequin output, and so on.).
Determine 3: Month-on-Month progress fee of Non-public nonfarm payroll employment from BLS (blue), implied preliminary benchmark revision of personal NFP from BLS (pink), and ADP-Stanford Digital Financial system Lab personal nonfarm payroll employment (inexperienced), and Bloomberg consensus (gentle inexperienced sq.), all calculated utilizing log variations. Supply: BLS, ADP through FRED, Bloomberg, and writer’s calculations.
Contra EJ Antoni, Kevin Hassett, Larry Kudlow, Peter Thiel, and Wilbur Ross these don’t appear like recession numbers to me. Nevertheless, we get private earnings and consumption for September tomorrow, in addition to manufacturing and commerce industries gross sales for August.
