ADP numbers suggest “downside risk” to non-farm payrolls report

02 September 2020

 

Summary: ADP payroll numbers up in August; again, much less than expected; July numbers revised up moderately; size of gain suggests “downside risk” to upcoming non-farm payrolls (NFP) report; figures up across firms of all sizes; services sector accounts for 90% of gains; report cited as “not accurate reflection” of NFP for past few months.   The ADP National Employment Report is a monthly report which provides an estimate of...

read full story