I'm please to announce that having only been on the job a few hours; the republicans are creating jobs and turning the economy arround
The ADP Employment payroll survey revealed a surprisingly hefty 297k December gain that implies upside risk to our December private payroll forecast, which we boosted to 180k from 150k, alongside a boost in our total nonfarm payroll forecast to 170k. The December ADP surge followed a small downward November revision from 93k to 92k, that only slightly narrowed the atypical overshot of November's lean 50k private payroll increase; though a boost in Friday's payroll data for November as well may further remove this aberration. The December ADP gain included a 27k rise for jobs among goods producers with a 23k factory employment gain, and a 270k rise in service employment that accounted for the bulk of the December ADP pop. The ADP figures have undershot private payrolls in eleven of the last thirteen months, leaving a 96k downward bias in the as-reported data in 2010 versus a 15k average undershoot in 2009, which makes today's December pop even more significant. We have even seen a 75k average gap over the last three months despite the November overshoot.