A Candid Look At The ADP National Employment Report
While much of the focus has been on ADP change, little has been made of the absolute level of the ADP report. The chart demonstrates the freefall in this particular data series. We are now at 2003 readings and dropping fast, with the absolute level soon set to take out all time lows.
As a reminder:
The ADP National Employment Report is a measure of nonfarm private employment,
based on a subset of aggregated and anonymous payroll data, using approximately
365,000 of ADP's 500,000 U.S. business clients and approximately 24 million
employees working in all 19 of the major North American Industrial
Classification (NAICS) private industrial sectors. The ADP National Employment
Report was developed to help meet the need for additional timely and accurate
estimates of short-term movements in the national labor market among economists,
financial professionals, and government policy-makers. -- This series began in
May 2006, and historical data was made available back til Dec. 2000.