The ADP National Employment Report is published monthly by the ADP Research Institute. The report provides an estimate of US non-farm private employment based on actual payroll data. Since the report began to be published in 2006, its total private sector non-farm employment figures have exhibited a high correlation with BLS NFP employment figures.
It is for this very reason bond yields ran hard after the August figures were released. At 230,000, the number was considerably more than the expected figure of 185,000. US 2-year Treasury bond yields finished the day 7bps higher at 2.87%, while 10-year and 30-year bond yields each finished 12bps higher at 3.18% and 3.34% respectively.
The September non-farm payroll estimate was at 188,000 prior to the ADP report but one would now expect that figure to rise. The report will be released by the Bureau of Labor Statistics on Friday night (AEST).