Strong ADP Report Bodes Well For September Payrolls As Stimulus Talks Continue

US firms added 749,000 jobs in September, ADP said Wednesday. That was more than the 649,000 the market was looking for. During normal times, this would bode well for Friday's jobs report. But ADP’s recent track record vis-à-vis NFP is spotty, to say the least, so one imagines markets won't put too much stock (figuratively or literally) in the latest read on private sector employment. Still, there's a sense in which good news is just good news, and at a time when the labor market is still t

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2 thoughts on “Strong ADP Report Bodes Well For September Payrolls As Stimulus Talks Continue”

I once believed that the ADP reports were an actual number. But it turns out it a model-based estimate. Which means it is chock-a-block with “seasonal adjusts”, as is the NFP number. I guess they extrapolate from their own, large user base, which may have more relevance than the household surveys? Dunno.