The weekly data from ADP is turning into a market mover.
The initial report showed a healthy +14,250 jobs but skip ahead two weeks (it wasn't released last week) and it's now showing a drop of 11,250K per week on average for the past four weeks.
That should translate into a poor reading, though ADP itself reported +42K jobs in October. I'm not sure how to square that but today's ADP release said the labor market struggled to produce jobs consistently during the second half of October.
Here is what ADP writes:
Last week, The ADP National Employment Report showed that job growth had resumed in October after a two-month downturn, with private-sector employers adding 42,000 jobs.
The gain was welcome, but it wasn’t broad-based. Education and healthcare, and trade, transportation, and utilities led the growth. For the third straight month, employers shed jobs in professional business services, information, and leisure and hospitality.
I'm still struggling to understand this new ADP report, which is weekly data but it will only be released three times per month (not in weeks when the monthly report is released).
Four-week moving average of weekly jobs lost/gained
The market is moving on it.
