Decent ADP Suggests December Jobs Debacle May Abate

Private US firms added 174,000 jobs in January, ADP said Wednesday. That's good news to the extent you can rely on it, but we know from months of experience that ADP is a poor predictor of nonfarm payrolls in the post-pandemic world. The market was looking for just 70,000, so the headline print is a considerable beat. (The scales on the visual, below, have been adjusted to "trim" the anomalous losses and gains in and around the first lockdowns last year). The breakdown shows a welcome repri

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