➪ Review for neophytes like myself.
ADP National Employment Report
Market Sensitivity: High
What is it: A timely report that can serve as a preview of the government’s monthly employment report.
Most Current News Release on the Internet: www.adpemploymentreport.com
Release Time: 8:15 a.m. (ET); published just two days before the Bureau of Labor Statistics puts out the Employment Situation report.
Source: Automatic Data Processing, Inc. (ADP), and Macroeconomic Advisers, LLC.
Revisions: Each release will contain minor revisions in payroll numbers for the prior month.
Source: The Secrets of Economic Indicators, Bernard Baumohl
➪ When I look at the historical trend of both the BLS and ADP employment survey, I viscerally feel a “roll-over mentality”.
Unit labor costs in the US nonfarm business sector declined an annualized 0.2 percent on quarter in the third quarter of 2017, compared to a preliminary estimate of a 0.5 percent rise. A 3 percent increase in productivity was greater than a 2.7 percent rise in hourly compensation. Year-on-year, unit labor costs fell 0.7 percent. Figures for the second quarter were also revised to show labour costs decreased 1.2 percent, compared to earlier estimates of a 0.3 percent increase. It is the first time in three years labour costs fall for two straight quarters. Labour Costs in the United States averaged 59.75 Index Points from 1950 until 2017, reaching an all time high of 109.07 Index Points in the third quarter of 2016 and a record low of 17.12 Index Points in the first quarter of 1950.
Labor productivity in the US nonfarm business sector jumped by an annualized 3 percent on quarter in the third quarter of 2017, unrevised from the preliminary estimate and below market expectations of a 3.3 percent gain. It was the sharpest increase in productivity since the third quarter of 2014, as output went up by 4.1 percent and hours worked rose by 1.1 percent. Year-on-year, labor productivity grew by 1.5 percent, reflecting a 3 percent gain in output and a 1.5 percent increase in hours worked. Productivity in the United States averaged 62.87 Index Points from 1950 until 2017, reaching an all time high of 108.87 Index Points in the third quarter of 2017 and a record low of 27.60 Index Points in the first quarter of 1950.