US July ADP employment +167K vs +1200K expected
The jobs report from ADP
- 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.