The details from the October 2016 US ADP employment report 2 November 2016

  • Prior 154k. Revised to 202k

  • Small biz 34k vs 34k prior
  • Medium 48k vs 56k prior
  • Large 64k vs 64k prior
  • Service sector 165k vs 151k prior
  • Goods producing -18k vs 3k prior
  • Construction -15k vs 11k prior
  • Manufacturing -1k vs -6k prior
  • Trade & transport 17k vs 15k prior
  • Financials 18k vs 11k prior
  • Professional & business 69k vs 45k prior

A tad off expectations and its being noted that ADP may have revised their model, and that's behind the high revision.

Not good numbers in the manual labour components and once again we see a split in the different sectors of the economy. It's a soft report from the headline but not one that should raise any major concerns ahead of Friday's NFP's.

ADP employment