The newly improved ADP employment report said 158k private sector jobs were added in October vs 88.2k in Sept (revised from 162k due to the new methodology). It’s the most job adds since February. ADP ditched their previous collaborator and have now linked up with Moody’s Analytics “to offer an even deeper, richer and more illuminating look at US monthly employment.” They claim that today’s figure will look like the 3rd revision to the Gov’t Payroll report which initially is supposed to be 124k tomorrow. Of the 158k net jobs created, 144k came from services and 14k from goods producing of which 23k construction jobs were added somewhat reduced by a loss of 8k mfr’g jobs. As the holder of actual payroll slips, ADP should be an accurate measure of employment and we’ll see over the coming months to see how this new format plays out vs the Payroll data.

Category: MacroNotes

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