ADP Employment Report: +170K, December Revised Down 33K
From ADP, concerning private-sector employment growth:
Employment in the U.S. nonfarm private business sector increased by 170,000 from December to January on a seasonally adjusted basis. The estimated advance in employment from November to December was revised down to 292,000 from the initially reported 325,000. Employment in the private, service-providing sector rose 152,000 in January, and employment in the private, goods-producing sector increased 18,000 in January, while manufacturing employment increased 10,000.
I deliberately didn’t look at the predictions. I’m guess that this is a disappointment. Let’s see …
Well, yes, but only slightly. Bloomberg had a prediction of +182K. Reuters had +185K.
The downward revisions to December really shouldn’t surprise anyone.
