ADP report: Very solid print but beware it is usually not a good guide for the NFP report

Macro

Christopher Dembik

Head of Macro Analysis

Summary:  Four charts to analyze the latest ADP employment report.


We got another interesting figure today about the US labour market – the ADP payroll report for the month of December. It is out at +202K vs. +157K consensus, +67K prior (revised). Overall, it is a very solid report but keep in mind it is not always a very reliable indicator for the NFP report.

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