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Before the ADP report this morning, LinkedIn posted its ‘Workforce Report,’ which showed the beat in back to back months of hiring (Dec & Jan) since 2015. December was up 8.4% and January +11.4%, with significant momentum leading into February
That momentum was reflected in the ADP report this morning. Now, the question is what does this mean for Friday’s report when the official government number is released. The ADP report was much maligned, and even today, it has had a mooted impact on the market. I bet every estimate on the street changes overnight and consensus will leap above 200,000.
This is because ADP has been just about spot on recently, not just with direction, but the actual private sector number.
Market angst is even more intense than I anticipated this morning.
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