Since ADP is completely useless when it comes to actually hinting at the future and all it does is “confirm” whatever momentum the BLS reports on, today’s print, like all those from the past, is absolutely meaningless. Still, for those who care, the April private jobs print, even though the month is not over yet, was 220K, above the 210K expected, with the last month revised once again higher from 191K to 209K – this was the highest number since November 2013. Sadly, since ADP continues to not report non-seasonally adjusted numbers (since it doesn’t have them as all it does is take BLS numbers and gently massages them to appear relevant), there is no way of knowing what ADP is actually selling.
Here is the April chart…
… and putting it into its meaningless context, here are the pre-revision o ADP numbers from the past three months.
February
And March:
The suppsed detail behind the numbers. We would say the token 1,000 increase in manufacturing jobs is notable, however since it too is completely made up, there is no point in highlighting it:
Amusing soundbites from Mark Zandi, whose relevance as an economist has tumbled to unseen lows:
“The 220,000 U.S. private sector jobs added in April is well above the twelve-month average,†said Carlos Rodriguez, president and chief executive officer of ADP. “Job growth appears to be trending up and hopefully this will continue.â€
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is gaining strength. After a tough winter employers are expanding payrolls across nearly all industries and company sizes. The recent pickup in job growth at mid-sized companies may signal better business confidence. Job market prospects are steadily improving.â€
Some more absolutely meaningless charts:
Historical Trend – Change in Total Nonfarm Private Employment
Total Nonfarm Private Employment by Company Size
