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Not Hiring
Breaking news: The US labor market's slowing.
A dearth of tradable narratives during Tuesday's bond
It seems like ADP’s data should be just as good, or better than, BLS data. Actual payroll numbers from the largest payroll processor covering 29 million employees, or a voluntary survey sent to 121,000 employers whose response rates are decking and increasingly delayed?
ADP used to try to predict the BLS report, with all the adjustments and guesswork that required. It recently switched to simply reporting its own data. We should see ADP and BLS data increasingly diverge, and ADP’s weekly reporting may eventually give it precedence with investors.
After all, the President says BLS data is unreliable and corrupt, and he’s the President.
Declining not decking