ADP Picks Up Payrolls and Unemployment Expectations
The big number of the week is of course the Labor Department’s official nonfarm payrolls additions and the unemployment report. Today came one more bit of data from ADP, which may alter or change the expectations for just how strong…
ADP private payroll employment for August was estimated at a gain of 201,000. The BLS number for private payroll employment later posted at an increase of 103,000. The prior August report was revised slightly lower.
The monthly ADP national employment report is taken from a subset of ADP’s business records, which is said to represent roughly 400,000 U.S. businesses and roughly 24 million employees working in all private industrial sectors in the United States.
As far as the official report due this Friday from the Labor Department, Bloomberg expects 113,000 nonfarm payrolls and 130,000 private sector payrolls. The official unemployment rate is expected to remain flat at 8.1%.
Today’s ADP data may create a small uptick in expectations, but this is not such a large gain that it likely will create huge changes to official estimates.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
