ADP Manufacturing Meltdown

Looking a bit deeper at yesterday's ADP Employment Report, one finds yet another clear signal that the current expansion may have topped-out making recession as a distinct possibility in 2016.

The ADP Total Manufacturing Payrolls series has continued to remain weak but still rose 0.10% on an annual basis.

Keep in mind that while manufacturing is clearly also showing strong secular weakness, this is a very sensitive series that should not be ignored.

Also, a revitalization of the nation's manufacturing sector was a important goal of the current administration's economic policy and a particularly key focus of 2009's American Recovery and Reinvestment Act.