Wednesday, December 03, 2014

ADP Nov '14

Oh the contortions some go through to score a point.
The ADP report for November 2014 is out.  Let the spin begin. 

Mark Zandi, chief economist of Moody’s Analytics, said, “Steady as she goes in the job market. Monthly job gains remain consistently over 200,000. At this pace the unemployment rate will drop by half a percentage point per annum. The tightening in the job market will soon prompt acceleration in wage growth.” 

Of course that is what used to be called static analysis.  There are nearly 400,000 new worker age monthly entrants and nowhere near that number retiring.  But who am I to call out my betters?   ADP: Private Employment increased 208,000 in November
 And don't worry that concensus (misspelling on purpose) was was too high.  They are merely the best economists the field has to offer. Hat Tip to CincoX for pointing out the CR called this an "increase." 

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