ADP Plays Wet Blanket at BLS Party Planning
Today’s report by ADP (Automatic Data Processing) showing that private sector employers shed 23,000 jobs last month puts a little damper on the party planning for Friday’s monthly labor report from the government’s BLS (Bureau of Labor Statistics). From Reuters:
U.S. private employers cut 23,000 jobs in March, missing expectations for an increase in jobs although fewer than the adjusted 24,000 jobs lost in February, a report by a private employment service said on Wednesday.
…
The U.S. government releases March non-farm payrolls data on Friday, although markets will be closed for the Good Friday holiday. The data is expected to show payrolls rose by 190,000 in the month.
Based on the correlation between the two reports as indicated below from Econoday, the build up for Friday’s BLS report has become all the more intriguing.
It’s just too bad that markets will be closed for Good Friday…
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