ADP Jobs Report: Downward Revisions
SPOT THE RECOVERY …
Private payroll processor ADP released its monthly jobs report this week – concluding the economy created 139,000 new positions in February. That’s below the 155,000-job expectation, but as our friends at Zero Hedge have noted – that’s not the real story.
The real story? The lack of reliability of this number in light of a spate of downward revisions to prior jobs data.
“Don’t worry: the number was pre-spun for idiot consumption,” the website reported, noting that data was revised downward for January (175K to 127K), December (227K to 191K) and November (289K to 245K).
Spotting a trend there?
“February was another soft month for the job market,” ADP noted. “Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.”
Ah yes … happy days are just around the corner!
Viva la recovery!!!!
We’re sure a few warm weeks will turn everything around, right?