Labor Dept. Jobless Numbers Leave Experts Gobsmacked – 150K Expected, ADP Showed Loss of 300K, Then Biden Labor Dept. Reports 467K Gain
On Wednesday ADP announced that private payrolls plunged by 301,000. This was a horrible number. It was the first time ADP reported negative job growth since December 2020. ADP is one of the most trusted private companies in the world. From their website:
We are a comprehensive global provider of cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration, and a leader in business outsourcing services, analytics and compliance expertise. Our unmatched experience, deep insights and cutting-edge technology have transformed human resources from a back-office administrative function to a strategic business advantage.
The ADP report is trusted by economists and comes out before the Labor Department report each month.
