New ADP Count Slashes Job Creation for September, Schoenberger quoted on CNBC
October 31, 2012 Leave a Comment
Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month.
The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated.
The new private payroll count now is actually under Labor’s September job creation total of 114,000, 104,000 of which came from the private sector. The unemployment rate dropped last month to 7.8 percent, as the government said the total number of new workers swelled by 873,000. (Read More:Consumer Prices Rise on Energy Surge; No Pay Gains)