September Private Nonfarm Payroll Employment According To ADP
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Since we won’t get the BLS September numbers on Friday, this is what we have.
Figure 1: BLS private nonfarm payroll employment, August release (blue), implied preliminary benchmark revision (light blue), ADP-Stanford Digital Lab August release (pink), ADP-Stanford Digital Lab September release (bold red), Bloomberg consensus calculated by iterating net job gain on August ADP figure (red +). Source: BLS, ADP via FRED, BLS, Bloomberg, and author’s calculations.
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