Private Nonfarm Payroll Employment In April

ADP private nonfarm change at 742K below consensus of 800K (Bloomberg).

Figure 1: Private nonfarm payroll employment from BLS October release (black), Bloomberg consensus for April as of 5/5 (teal square), ADP November release (red), all on log scale. Source: BLS, ADP via FRED, Bloomberg, and author’s calculations.

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