ADP Private Employment Downside Surprise

August 5, 2009 9:45am by Barry Ritholtz

I have to hop on a conference call, but a quick note on ADP, which estimated a 371,000 drop on private sector jobs. This was higher than economists consensus forecast.

Note that I remain unimpressed with ADP’s ability to forecast BLS data.

Related news also saw the Challenger Gray & Christmas Layoff report: Monthly Corporate layoff announcements rose 31% in July 2009 (the first monthly increase since January). Over at Marketwatch, Rex Nutting notes that over “the first seven months of the year, layoff announcements are up 72% compared with the same period a year ago.”

Source:
The ADP National Employment Report
July, 2009
http://www.adpemploymentreport.com/

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