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ADP Posts Horrendous Miss As Employers Shed 123,000 Jobs
With markets focused intently on political developments stateside, Wednesday's data was sure to get short shrift.
With that obligatory caveat, ADP was a big miss. Private sector employers shed 123,000 jobs in December. Consensus was looking for a 75,000 job gain.
ADP hasn't been a good predictor vis-à-vis NFP over the course of the pandemic, but nevertheless, this is potentially disconcerting. It's difficult to see in the chart (below) due to the sheer magnitude of the labor market carnage du
“Bad is Good” time.