WASHINGTON (Reuters) -U.S. private payrolls increased by an average 14,250 jobs in the four weeks ending October 11, the ADP National Employment Report’s inaugural weekly preliminary estimate showed on Tuesday.
ADP said in a statement it would publish a weekly preliminary estimate of the ADP National Employment Report every Tuesday effective October 28, based on its high-frequency data.
“The preliminary U.S. estimate will provide a four-week moving average of the latest total private employment change, offering the most current, representative picture of the private-sector labor market,” ADP said.
The monthly employment report, jointly developed with the Stanford Digital Economy Lab, will continue to be published.
Independent surveys like the ADP employment report are gaining prominence amid an official economic data blackout caused by the shutdown of the U.S. government.
Economists have, however, cautioned private data could never be a substitute for the official reports because of many limitations, including the breadth and scope of coverage. There is no correlation between the monthly ADP employment report and the Labor Department’s more comprehensive and closely watched employment report.
ADP’s employment report showed private payrolls decreased by 32,000 jobs in September.
“We would include the usual caveat that the ADP and Bureau of Labor Statistics payroll estimates can differ materially on a monthly basis, but we do see this as a positive signal after what had been a weak September monthly ADP report,” said Abiel Reinhart, an economist at JP Morgan.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)
Comments