ADP said 206k private sector jobs were added in Nov, well above expectations of 130k and up from 130k in Oct (revised up by 20k). Both the goods producing and service providing sectors added jobs, again mostly led by small and medium sized businesses. Manufacturing in particular added 7k jobs and Construction added 16k jobs (my guess helped out by multi family). Bottom line, the report is a definite positive but we’ll have to wait until Friday’s Payroll figure to confirm. While we hope it will, the monthly correlations between the two figures have been sketchy. This was most pronounced when the June ADP report, out in July, came in at 157k vs expectations of 70k and the market ripped higher only to be followed by that Friday’s release of 57k private job adds vs expectations of 132k.
ADP job adds surprise to upside
November 30, 2011 10:00am by
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