Wednesday, November 4, 2009
ADP Jobs Report: The Fun Begins
According to data compiled by ADP, non-farm payrolls decreased by 203,000 jobs in October. This was in line with the consensus estimate of -198,000. Job losses among small business totaled 75,000: smallest loss in over a year. Revisions to previous months decreased the number of job losses.
This does not impact my forecast for this Friday's BLS report: a loss of 188,000 jobs. I believe that the economists are forecasting a loss of 175,000, so my guess is not that extreme this time around.
Posted by MK at 8:22 AM