Technical issues may have made ADP's report on the April job market look much stronger than it actually was.
ADP's closely watched monthly payrolls report painted a picture of super strong private sector hiring in April, but technical quirks may have overinflated its report of 275,000 jobs.
ADP's monthly private sector jobs report is looked at as a kind of preview of the government's monthly report, and sometimes tracks it and sometimes does not.ADP's report on the April job marketEarlier, ADP, in collaboration with Moody's, said private sector hiring hit an eye-popping 275,000 in April, just about 100,000 more than expected.
ADP's payroll number sometimes tracks close to the actual government nonfarm payroll release, and sometimes not. Still, it is monitored by Wall Street as one metric to watch ahead of the monthly jobs report, typically released two days later.Zandi said he doesn't normally qualify the number. "I did that because there are three technical issues going on that conspired to pump it up," he said.
At the same time, very low jobless claims in the survey week counterbalanced the weak ADP payroll number. And that inflated the number. Another factor is, the 275,000 ADP number includes some actual history of the government reports.
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