ADP Prints Big Surprise Drop In Employment In December

After a few weeks of re-rising jobless claims (with Pandemic Emergency claims substituted for normal ongoing claims) and over 20 million Americans still on unemployment rolls, analysts expected a weak +75k rise in employment from ADP in December.

Instead it was much worse, with ADP reporting a 123k drop in employment - the worst since April...

Source: Bloomberg

Both large and small businesses saw losses in jobs while medium-sized businesses saw a rise...

The Services industry saw the biggest drop in jobs...

Non-farm payrolls is expected (for now) to be +50k... we suspect this ADP print will see a reduction in that forecast.

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