It's a big week for jobs data, but investors will be missing one key influential report
"ADP's extensive dataset of over 26 million U.S. employees offers a tremendous ability to deliver a strong read of the labor market and pulse of U.S. employment," ADP chief economist Nela Richardson said in a statement. "As the leader in providing deep data on the world of work, our goal is to issue indicators that inform business leaders, members of academia, economists and policymakers with a reliable read of the workforce.
US OFFICIALS UNABLE TO MEASURE ‘HIRING FREEZE’ IMPACT, BUT CONFIDENT CURRENT OPENINGS CAN LIMIT DAMAGE In April, ADP announced it would collaborate on the new report with the Stanford Digital Economy Lab, which focuses on how technologies such as artificial intelligence are affecting the workforce, business and society.
At the time, the firms said that the report's expanded research would include an "extensive microdata analysis to understand career paths for lower-wage workers" and create new academic research on topics related to economic growth and the future of work. ADP's move comes as its national employment report has previously received criticism for having a poor track record of predicting the private payrolls count in the Bureau of Labor Statistics' employment situation report due to methodology differences.
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