ADP report misses, weaker NFP now expected

03 March 2021

 

Summary: ADP payroll numbers increase in February; less than consensus figure; January rise revised up; figures up across firms of all sizes; gains entirely in services sector, goods sector contracts; report “will bias non-farm payroll expectations downwards.   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 report began in 2006, its employment figures...

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