Categories: Economy

What If ADP Is Registering the True Employment Growth Rate?


Then instead of 135224 thousand private employment in April, it would be 135509 thousand.

Figure 1: Private nonfarm payroll employment from BLS (blue), and from ADP (tan), in logs 2023M03=0. Source: BLS, ADP via FRED, and author’s calculations.

I normalize to 2023M03, since data up to that point have been benchmark revised.

 

 



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