The ADP National Employment Report is published monthly by the ADP Research Institute. The report provides an estimate of US non-farm employment based in the private sector. Since the report began to be published in 2006, its total private sector non-farm employment figures have exhibited a high correlation with the Bureau of Labor Statistics (BLS) non-farm payroll figures.
The latest June figures indicate private sector employment grew by 102,000, below the expected figure of 140,000 but a solid improvement on May’s revised increase of 41,000.
NAB Head of FX Strategy Ray Attrill referred to the report’s “chequered track record as a guide to payrolls” even though the May report had “accurately foreshowed the subsequent weak May non-farm payrolls report”. He noted forecasts for the upcoming non-farm payroll report on Friday night had not been changed as a result of the ADP report.
