Here’s ADP’s graph for private-sector job growth during the past 13 months:
ADP’s new partnership with Moody’s and the new methodology resulting from it has resulted in sharply lower numbers for several more recent months. Despite the size of the December 2011 figure, the report says that the figures above are seasonally adjusted.
What the graph shows is that after a promising winter, private-sector job growth has fallen sharply to a monthly average of less than 120,000 since March. Considering the size of the gap between current and full employment, that is not at all impressive.