Mother’s Milk of Stock Rallies
This morning’s ADP Employment Report has sent the stock market soaring for several reasons. The 263,000 is well above consensus of 187,000, and the type of jobs created point to long term economic growth.
The highlight of the report are Goods Producing jobs that are the literal and figurative backbone of the US economy, enjoying its best three month period (244,000) in net jobs in the history of ADP’s coverage.
Better Pay Better Moral
Good-Producing jobs on average pay $22.85 per hour lead by construction at $27.37, followed by mining at $26.27 and manufacturing at $20.65. While Service-Producing average hourly wage is $21.65 per hour, the majority of these jobs are retail trade at $15.25 and leisure at only $13.13 an hour. While it’s clear the glory days in manufacturing and mining will not come back completely, the days ahead look a lot more glorious.
Also today, railcar maker Greenbrier posted earnings of $1.09, blowing away consensus of $0.84 as new orders came in at 700 and the backlog climbed to $2.44 billion. In addition, management announced a $1.0 billion deal with Mitsubishi Leasing to provide 6,000 new railcars through 2020 (and be exclusive railcar provided through 2023).
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