Yesterday the ADP new jobs forecast was the shit.
A report from Automatic Data Processing and Macroeconomic Advisers indicating strong job growth in the U.S. private sector in November caused some investors to revise their forecasts for the Labor Department’s official non-farm payroll report due Friday and helped the dollar rally across the board.
ADP gave a November jobs growth prediction of 158,000, excluding the public sector.
The estimate comes in sharp contrast to forecasts from economists surveyed by Dow Jones, who have predicted a 110,000 increase in the Labor Department’s payroll data to be released Friday.
The ADP release caused some analysts to revise their forecasts for Friday’s data, though many warned that correlation between the ADP report and the Labor Department’s data is not always a strong one.
Today it’s down the memory hole.
The US economy performed better than expected in November as 132,000 new jobs were created. Economists polled by Thomson’s IFR markets had been looking for a gain of 115,000.
And, oh — media darlings? 132k new jobs is not good news when the economy needs to create a minimum of 150k new jobs just to keep up with the expansion of the workforce.