ADP says private NFP increased 189,000.
"Even in manufacturing, construction, and financial services, sectors
where employment has been under downward pressure, there are signs of
These number include a "baffling improvement in industries tied to housing and mortgage lending" (WSJ)
I’ll spend more time on this later, as I am now off to BloombergTV . . .
UPDATE: December 5, 2007 2:30pm
Peter Boockvar points out that:
"The Nov ADP private sector job gain of 189k was the strongest reading of the
year and 46k more than the 2nd best reading.
In Nov ’06 it rose 258k, also the
strongest # of 2006, by 63k and in Nov ’05 it rose 301k, the highest in the
history of this data, 60k above the 2nd highest reading in 2005.
retrospect will we know if ADP had difficulty in their seasonal adjustments for
November for the past 3 years ahead of the holiday season so it does make the
Govt Payroll data on Friday still always difficult to predict.
In other words, don’t bet the farm on this data point . . . >
Analysis of November’s Report
Wednesday, December 5, 2007, 8:15 am EST