- ADP employment beat expectations in March, rising 186k (cons 150k), after an upward revised 155k (initial 140k) in Feb.
- It adds some very marginal upside risk to private payrolls on Friday (cons 170k), with the usual heavy caveat of the poor correlation between the two. (Latest vintages of data show an average monthly gain of 141k in the three months to Feb for ADP vs 205k for private payrolls).
- “Last month saw the biggest jump in hiring since July, led by leisure and hospitality. Job gains were strong across industries with the exception of professional services, where hiring fell.”
US DATA: ADP Beats With Usual NFP Correlation Caveat
Last updated at:Apr-03 12:24By: Chris Harrison
- ADP employment beat expectations in March, rising 186k (cons 150k), after an upward revised 155k (initial 140k) in Feb.
- It adds some very marginal upside risk to private payrolls on Friday (cons 170k), with the usual heavy caveat of the poor correlation between the two. (Latest vintages of data show an average monthly gain of 141k in the three months to Feb for ADP vs 205k for private payrolls).
- “Last month saw the biggest jump in hiring since July, led by leisure and hospitality. Job gains were strong across industries with the exception of professional services, where hiring fell.”
