Is Trump's Plan Working? ADP Shows Biggest Jump In US Manufacturing Jobs Since Oct 2022

Despite the ongoing strength in jobless claims data, fears are growing in the soft data that Friday’s payrolls print might be a game-changer. Today, we get a glimpse of what’s possible as, following last month’s 'weak’ report, ADP’s Employment shows the US economy added 155k jobs in March (more than the 120k expected and almost double the 77k added in February)…

Source: Bloomberg

So, once again, the soft data and constant mainstream narrative of recession is crushed by the hard data.

„Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” said Nela Richardson, Chief Economist, ADP

Is it just us, or can you sense the disappointment in her statement that the US economy didn’t implode?

Service industry jobs showed a major rebound from weakness in February while goods-producing job additions slowed…

Source: Bloomberg

Manufacturers added 21k jobs in March – the biggest addition since Oct 2022…

Source: Bloomberg

The other piece of 'good’ news is that wage growth slowed for both job-stayers and job-changers…

Source: Bloomberg

So much for runaway inflationary pressure and recessionary labor market stagnation… and the surge in manufacturing jobs suggests Trump’s plan is working?

Is Trump’s plan to reshore manufacturing already working: biggest increase in manufacturing jobs since October 22, which was followed by a 2 year manufacturing recession. pic.twitter.com/7iyA11BSRr

— zerohedge (@zerohedge) April 2, 2025