ADP payrolls up 475K in February; January figure revised radically

02 March 2022

 

Summary: ADP payrolls up 475,000 in February, greater than consensus expectations; January figure radically revised up; track record of predicting official payrolls reports questioned; positions down in small firms but up in larger businesses; just under 90% of gains in services sector, led by leisure/hospitality sector. The ADP National Employment Report is a monthly report which provides an estimate of US non-farm employment in the private sector. Since publishing of the...

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