We don't usually pay too much attention to the ADP employment report that precedes the BLSBS by a few days each month. However, with so much focus and emphasis being placed upon this Friday's US jobs report, this month's ADP is worth noting.
And it was a major miss. Expectations were for something in excess of 600,000 new jobs added and, instead, the number came in at about half of that.
*ADP Aug US Private Sector Jobs +374,000
*ADP Aug US Private Sector Jobs Expected +600,000