A Somewhat Worse ADP Payroll Number than I Was Expecting
In the email inflow:
Private nonfarm payroll employment increased by 32,000 from March to April on a seasonally adjusted basis, according to the ADP National Employment Report™. This is in line with consensus expectations for this figure of a 28,000 increase...
Far, far below the 130K a month or so needed to keep the unemployment rate from drifting upward in the CPS...
But better than a number on the far side of zero.
