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Proprietary Data Insights Top Staffing & Employment Services Stock Searches This Month
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Who’s Workin’ For The Weekend? Not everyone gets Labor Day Weekend off. In fact, in certain industries, it’s a big work weekend. For example, car dealerships tend to have end of summer/holiday weekend sales. So if you’re a car salesperson, you’re bringing your A game while the rest of us swig beer and gorge on hot dogs and hamburgers. If you’re a used car salesperson, well… Source: Manheim The price of used cars – an item that made a huge inflationary move up over the last year – are finally coming down. The Manheim Used Vehicle Value Index is down 3.6% between July and August so far and off 10.5% from its January peak. Despite August’s move down, the index is still up 8.8% year-over-year. Broken down by type of car, it looks like this… This jibes with Kelly Blue Book data that says the cheapest cars are hardest to find, which accounts for double-digit year-over-year increases in compact and midsize cars. Meantime, Edmunds put out a report the other day saying that you could find some relief if you’re in the market for a used car over Labor Day Weekend. Looking at three-year old vehicles specifically, Edmunds relayed some pretty encouraging data:
The mainstream three-year old vehicle makes and models with the biggest price decreases from their peaks in July: Ford’s Fusion Energi (-17.7%), Toyota Prius (-16.5%), and Nissan Murano (-12.2%). Among luxury vehicles: Audi A6 (-17.4%), BMW X7 (-16.6%), and Mercedes GLC Coupe (-16.5%). If you’ve been sitting on the sidelines, it might be time to start looking at used cars again. That is, if you have a job, making decent or better money. The Juice takes a peek at some employment meets income data if you scroll with us… |
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Laboring |
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Going Into Labor, Quietly
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Key Takeaways:
Given all this talk about quiet quitting, The Juice thought we’d double dip by getting two stories out of one stock. That’s one way to not overwork yourself, but still get the job done, right? The #2 most searched for stock in the Staffing & Employment Services sector, according to our proprietary Trackstar database of the tickers investors search for most, is Automatic Data Processing (ADP). There’s a decent chance your paycheck has the ADP logo at the top of it. ADP basically does a lot of the human resources legwork for companies, including payroll. We’ll get to how that’s working out for them in a minute, but first the data from the private market jobs report ADP released this week. A Pivotal Time? ADP thinks we could be at an “inflection point” as companies pause to take stock of this uncertain economy today and going forward. In other words, private firms slowed the pace of hiring in August as they wait and see if, when, and how hard the other economic shoe will drop. Private employers added 132,000 jobs in August, after an increase of 268,000 in July. Year-over-year pay was up 7.6% among job stayers, which is still less than the most recent rate of inflation (8.5%, as of July). However, among job changers, the median change in annual pay was 16.1%, showing that workers still have some leverage in this labor market. The sector with the biggest increase in annual pay for job stayers – leisure and hospitality at 12.1%. How Has ADP – The Company And Stock – Been Doing? Source: Google Finance ADP stock has performed well over the last year, up nearly 17%. The stock is a dividend aristocrat, having increased its dividend payment, every year, for the last 47 years. ADP’s annual dividend currently stands at $4.16 per share, which means if you own 100 shares of ADP stock, you’ll collect – all else equal – $416 in annual income for a yield of 1.7%. ADP reported earnings at the beginning of August and beat analyst estimates on the top and bottom lines while guiding to revenue growth of between 7% and 9% and EPS growth of between 13% to 16% for fiscal 2023. Source: ADP The Bottom Line: ADP has yet to get disrupted in managing HR for big and small companies. It has more than 990,000 clients around the world and claims to pay 1 out of every 6 US workers (those checks with the ADP logo on top) and more than 39 million across 140 countries. ADP makes sense as core holding in a long-term dividend growth portfolio. You’re not getting a world beater in terms of growth, however you are getting a relatively stable dividend payer that’s not a dinosaur.
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