January 2011 Features

  • Ignore the Headline Unemployment 9.4%: This Was a Bad Report

    January 07, 2011

    Earlier this week, ADP estimated that payrolls increased by +297K. Now we know that the ADP report was flaky. Their estimate was about a 3x miss when today’s payroll survey from the Bureau of Labor Statistics showed +103K. Not even November’s revision from +39K to +71K comes close to making the ADP number good.