by Bill McBride on 12/05/2012 08:24:00 AM
Wednesday, December 05, 2012
Private sector employment increased by 118,000 jobs from October to November, according to the November ADP National Employment Report®, which is produced by Automatic Data Processing, Inc. (ADP®) ... in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The October 2012 report, which reported job gains of 158,000, was revised down by 1,000 to 157,000 jobs.This was below the consensus forecast for 125,000 private sector jobs added in the ADP report. Note: The BLS reports on Friday, and the consensus is for an increase of 80,000 payroll jobs in November, on a seasonally adjusted (SA) basis.
Mark Zandi, chief economist of Moody’s Analytics, said, “Superstorm Sandy wreaked havoc on the job market in November, slicing an estimated 86,000 jobs from payrolls. The manufacturing, retailing, leisure and hospitality, and temporary help industries were hit particularly hard by the storm. Abstracting from the storm, the job market turned in a good performance during the month. This is especially impressive given the uncertainty created by the Presidential election and the fast-approaching fiscal cliff. Businesses appear to be holding firm on their hiring and firing decisions.”
ADP hasn't been very useful in predicting the BLS report, but maybe the new method will work better. This is the 2nd month for the new method.
Posted by Bill McBride on 12/05/2012 08:24:00 AM