- The ADP report developed in association with Stanford Digital Economy Lab was released before the Labor Department’s detailed employment report for January.
- The ADP report has not been an accurate indicator for predicting private payrolls count in the employment report.
- Despite a slowdown in job growth compared to 2022, the labor market continues to show strength.
- The Labor Department data pointed out 9.026 million job openings at the end of December, with 1.44 positions available for every unemployed individual.
Details on the ADP Report and the Health of the Labor Market
The jointly produced ADP report by Stanford Digital Economy Lab was unveiled ahead of the upcoming comprehensive employment report from the Labor Department, scheduled for release this Friday. The latter is considered a more holistic and monitored barometer for January’s employment statistics.
The ADP report’s credibility in accurately forecasting the count of private payrolls within the employment report is debatable. However, the labor market continues to exude signs of health, regardless of the slowed pace of job growth compared to the vigorous state of 2022. Recent data from the Labor Department confirmed the existence of 9.026 million opportunities for employment on December’s final day, indicating 1.44 vacancies for every jobless person.
The impact of these figures is crucial for foreign exchange or trading sectors since labor market performance often influences financial markets. It could specifically affect assets that are sensitive to employment data.