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ADP Payrolls Miss But Huge Upward Revision To May/Jun

DATA REACT

ADP Jul Private Payrolls missed expectations badly (+167k was below even the lowest analyst estimate of +200k, and well below 1,200k median) but upward revision to Jun (now +4,314k vs+ 2,369k) muddied the waters so the 2-month number could be considered an upside beat. Indeed May was revised up too (from +3,065k to +3,341k) meaning the cumulative increase from revisions alone in this release was +2,221k.

In other words, probably not a release to be considered too seriously, and more reflective of historic nonfarm payroll employment numbers rather than helping in any way clarify the outcome of this Friday's NFPs.

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