For the second month in a row, the ADP Private Payroll employment report has been a complete disaster, and one month after the the ADP missed by almost half printing at 330K in June (missing expectations of 683K), moments ago ADP reported that private payrolls in August rose just 374K, which while a modest improvement from July’s downward revised 326K (which was the lowest since February), was again a huge miss to the 638K expected. “Our data, which represents all workers on a company’s payroll, has highlighted a downshift in the labor market recovery. We have seen a decline […]
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