US July ADP employment +167K vs +1200K expected

Author: Adam Button | Category: News

The jobs report from ADP

ADP employment
  • Prior was +2369K (revised to +4313K)
  • Small businesses +63K
  • Midsized -25K
  • Large +129K
  • Goods +1K
  • Services +166K
That's a big miss in jobs and is going to stoke fears about a similar miss ing non-farm payrolls (consensus +1500K).

There's a big revisions to the upside on the prior but the market is more interested in what's happening now than in June.

All that said, ADP has been a poor predictor of anything in the COVID-era.
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