Hardest hit were manufacturing jobs. More than 10,000 jobs were lost in the sector. Losses are attributed to a strong dollar making American goods too expensive overseas and to cuts in oil and gas drilling in the U.S.
ADP said that businesses added just 169,000 jobs in April, which is 6 thousand less than were added in an abysmal March.
The ADP report along with a downturn in PMI, negative consumer confidence, a terrible March durable goods report, and record high consumer credit defaults all point to a slowing economy. It is likely that Q1 GDP, the measure of the U.S. economy’s output, will be negative.