ADP is payroll outsourcing for small to medium companies, so that they don't have to grow their own systems.
Ergo, it tends to be 'jerkier', i.e. more statistical noise in the picture. No doubt the numbers are honest; however, when somebody hires a bunch of temps for inventory, it'll show up. And so when they're terminated.
Love it when the WSJ gets it (possibly) wrong with comments like these, "anyone who traded on the ADP numbers ahead of todays report lost money." I hope he's talking about the bond market because if you were short stocks the at thurs' close you made money anyway, even with the suprisingly strong gov number.
Just because ADP differs from BLS, why does that make BLS correct? Notwithstanding that, if the market thinks BLS is correct, that may be what matters depending on your perspective.
ADP is payroll outsourcing for small to medium companies, so that they don't have to grow their own systems.
Ergo, it tends to be 'jerkier', i.e. more statistical noise in the picture. No doubt the numbers are honest; however, when somebody hires a bunch of temps for inventory, it'll show up. And so when they're terminated.
Love it when the WSJ gets it (possibly) wrong with comments like these, "anyone who traded on the ADP numbers ahead of todays report lost money." I hope he's talking about the bond market because if you were short stocks the at thurs' close you made money anyway, even with the suprisingly strong gov number.
CR, should we take the red pill, or the blue pill?
You can't trust any of these sources. ADP wants to "sell" more of their services. BLS wants to helpl politicians "sell" themselves.
Even SJMN needs to "sell" adveritising, perhaps explaining why they resorted to inventing jobs categories (& maybe the nubmers in those categories).
Fot the complete run-down, please visit:
http://www.viewfromsiliconvalley.com/id296.html
Thanks!
Just because ADP differs from BLS, why does that make BLS correct? Notwithstanding that, if the market thinks BLS is correct, that may be what matters depending on your perspective.