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    ADP Employment Surges To Best Since Nov 2012

    Today’s epic catch-up in ADP jobs data (nicely extrapolated off the back of last month’s NFP) is the biggest beat since Dec 2012 and biggest gain in jobs since Nov 2012, printing at 281K, up from 179K, and smashing expectations of 205K – in fact the number came above the highest estimate of 250K. While ISMs and PMIs are missing expectations – and notably small businesses in those surveys saying they are not seeing benefits – ADP claims that small businesses gained the most jobs. Of course, we assume the seasonal adjustments had nothing to do with that: from biggest miss in 4 months to biggest beat in 21 months, which is supposedly, normal.

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