Cumulative Percent Growth In Private NFP From BLS, ADP Compared
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From the latest release:
Figure 1: Private NFP from CES (blue), implied benchmark revision private NFP (light blue), from ADP (tan), in logs 2025M01=0. Source: BLS, ADP via FRED, BLS, and author’s calculations.
Note that the September (as well as August) BLS numbers will be revised as a matter of course, so the recent trajectory may well change. ADP numbers are also revised, but to a smaller extent.
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