by Bill McBride on 11/01/2012 08:23:00 AM
Thursday, November 01, 2012
ADP reported that employment in the U.S. nonfarm private business sector increased by 158,000 from September to October, on a seasonally adjusted basis.
This was above the consensus forecast for private sector jobs added, and is a little surprising given the change in methodology. Note: The BLS reports on Friday, and the consensus is for an increase of 125,000 payroll jobs in October, on a seasonally adjusted (SA) basis.
ADP hasn't been very useful in predicting the BLS report (maybe the new method will work better), but this suggests a stronger than consensus report.