December 2019 private sector employment from ADP
- Prior was +67K (revised to +124K)
- Small business +69K vs +11K prior
- Midsized business +88K vs +29K prior
- Large business +45K vs +27K prior
- Goods producing +29K vs -18K prior
- Service providing +173K vs +85K prior
This is a strong report but be warned that the correlation with non-farm payrolls is small. All the focus is on geopolitics today so this had virtually no effect on markets.
