Published: 2024-01-03T13:54:14.000Z
Preview: Due January 4 - U.S. December ADP Employment - A little less slow
Senior Economist , North America
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We expect a 110k increase in December’s ADP estimate for private sector employment growth, similar to if marginally stronger than the gains seen in the last three months, each of which was close to 100k.
Trend in ADP data has slowed a little more than has that for the non-farm payroll, and we expect the ADP data to again modestly underperform, looking for private sector non-farm payrolls to rise by 125k with a 175k payroll increase overall.
Positive signals for December come from initial claims losing upward momentum and generally resilient economic data, though anecdotal evidence that the economy is losing momentum persists.
