ADP report misses but “not enough” to alter NFP forecasts

02 December 2020

 

Summary: ADP payroll numbers increase in November; less than consensus figure; October number revised up by 39,000; report “probably not enough to meaningfully alter expectations” for upcoming non-farm payroll report; figures up across firms of all sizes; services sector accounts for 90% of gains.    The ADP National Employment Report is a monthly report which provides an estimate of US non-farm employment in the private sector. Since the report began...

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