Highlights ADP reports a larger-than-expected rise in private payroll growth, at 215,000 in November vs the Econoday consensus for 185,000. ADP, which missed badly in October, has revised its October count sharply higher, to 184,000 vs an initial reading of 130,000. The initial reading for the comparable government number in October is 212,000.
ADP predicted a big decline in payroll growth in October, not the big jump that the government reported. This will limit the effect of today's surprisingly strong number which, however, will nevertheless raise talk for another month of surprising strength in payroll growth. The Econoday consensus is currently calling for a 180,000 rise in nonfarm payrolls in Friday's big report, down from 204,000 in October.
Market Consensus before announcement ADP reported a smaller-than-expected rise in private payroll growth, at 130,000 in October versus the Econoday consensus for 138,000. ADP's count for September was downwardly revised to 145,000 compared to an initial reading of 166,000. The initial reading for the comparable government number in October was 212,000