Economist at adp. good morning, nice to see you. good morning. nice to see you. so i noticed yesterday your adp national employment report was strong, it showed private sector employment up 287,000 jobs in may. it also showed pay growth for job changers might be slowing down a little bit. what does it mean big picture? big picture we re seeing a continuation of three patterns. one, the labor market is incredibly strong, it is fragmented. manufacturing actually shed jobs in our private sector report. leisure and hospitality again a big gainer. two, that this strength is really driven by small firms, large firms seem to be pulling back on their hiring. and, three, we re finally seeing pay growth decelerate meaningfully after moving sideways for several months over the winter. so an incredibly complex labor market right now. so we know that more than 250,000 jobs were added in
Data and see and analyze its effects on the markets and jim joins us from london, a senior economist at west back. james, walk us through what is going on. we had the gdp growth but eyes definitely on the jobs number today. the question is going to be to taper or not to taper. put some perspective on this for us. good morning. the gross numbers yesterday were stronger than expected in the headline. but that was mostly due to accumulation we think was in bond relief and probably reverse in the fourth quarter and weaker imports growth. consumer spend and we saw growth decelerate or fall. i think that is capturing the essence of the u.s. story. domestic demand 1.4% the last quarter, down a full percentage point from what it was running