ADP Tumbles From June Exuberance, Misses 3rd Of Last 4 Months
zerohedge.com / by Tyler Durden / 07/30/2014 08:19 -0400
Following last month’s exuberant explosion of job gains according to ADP (the most since Nov 2012), the ADP employment report shows jobs missing expectations at 218k (vs 230k) and tumbling from the 281k print in June. Curious, there were still two days in the month when ADP estimated the full month print, which is curious considering ADP staunchly refuses to provide its unadjusted numbers. This is the 3rd ADP miss in 4 months. Zandi helpful addition, “there’s job growth everywhere” except as we noted – not as much as expected. Today’s print appears the anti-goldilocks, not low enough to prompt the Fed to get more dovish and not high enough to suggest growth is anything like markets expect.
