- May 22, 2012
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It Begins: ADP Cuts September Job Creation Numbers By Almost 50%
It Begins: ADP Cuts September Job Creation Numbers By Almost 50% | Weasel Zippers
1 Nov 12
The economy is still a mess and were being told unemployment is at 7.8%, what a joke.
New ADP Count Slashes Job Creation Total for September - US Business News - CNBC
Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
ADPs new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month.
The firm recently has entered into a partnership with Moodys Analytics that will change the way the private payroll count is calculated.
The new private payroll count now is actually under Labors September job creation household survey net total of 114,000, 104,000 of which came from the private sector.
The unemployment rate dropped last month to 7.8 percent. Separately, as the governments establishment survey said the total number of new private-sector workers swelled by 873,000. (Read More: Consumer Prices Rise on Energy Surge; No Pay Gains)
Economists expect Fridays report to show 125,000 new jobs and the jobless rate to hold steady.
The soft ADP count could add credence to those who believe the pace of job creation is slower than the governments numbers indicate.
Its huge, no doubt about it, said Todd Schoenberger, managing principal at the BlackBay Group in New York. Their changing the methodology tells me that if the number is cut in half with that revision, then the revision were going to see Friday is going to be a disaster.