Biggest Miss In ADP History Sounds Alarm On US Labor Market
The July jobs report is a giant question mark. It won’t capture the most recent deterioration in the labor market, but it could reflect some of the economic impact from reinstated containment protocols in states experiencing COVID-19 flare-ups.
If the ADP amuse-bouche (as it were) is any indication, the market could be in for an underwhelming print come Friday.
US firms added just 167,000 jobs last month, ADP said Wednesday. That is laughably short of consensus, which was looking for 1.2 mil
Wonder why ADP revises. I always thought it was a direct count from their serviced payroll accounts.