I’ll bet President Obama wishes this news didn’t come out for another week. ADP has revised September’s jobs numbers down to almost half of what was previously reported.
Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month.
The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated.
The new private payroll count now is actually under Labor’s September job creation household survey net total of 114,000, 104,000 of which came from the private sector. …
When the Labor Department revealed its September job count, it sparked criticism from some quarters that the numbers were being manipulated for political purposes as the November presidential election drew near.
The soft ADP count could add credence to those who believe the pace of job creation is slower than the government’s numbers indicate. (Read More)
I wonder how much last week jobless claims will be revised up in the morning.
Update: Linked by Doug Ross – thanks!