ADP Comes At 187K On Expectations Of 140K, Previous Revised 50K Lower
The completely worthless and thoroughly discredited ADP number came in at 187,000 (who can forget last month's 297K which got the Barclays experts to predict a 600K NFP number for January) on expectations of 140K. Of course, the ridiculous print from last month was cut by 50K, just as this one will be in March. Someone should inform ADP (which doesn't count government jobs) that there was snow in January and thus the NFP will come in well below expectations (ref: eternal bad number apologist Joe LaVorgna).
Private-sector employment increased by 187,000 from December to January on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from November to December was revised down by 50,000 to 247,000 from the previously reported increase of 297,000.
This month’s ADP National Employment Report suggests solid growth of private nonfarm payroll employment heading into the New Year. The recent pattern of rising employment gains since the middle of last year appears to be intact, as the average gain over December and January (217,000) is well above the average gain over the prior six months (52,000). Strength was evident within all major industries and across all size business tracked in the ADP Report.
According to the ADP Report, employment in the service-providing sector rose by 166,000 in January, marking twelve consecutive months of employment gains. Employment in the goods-producing sector rose 21,000, the third consecutive monthly gain. Manufacturing employment rose 19,000, also the third consecutive monthly gain.
Employment among large businesses, defined as those with 500 or more workers, increased by 11,000 while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 79,000. Employment among small-size businesses, defined as those with fewer than 50 workers, increased by 97,000.
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