December 2020 ADP Employment Contracted
ADP reported non-farm private jobs DECLINE of 123,000 which was massively below expectations. A quote from the ADP authors:
The job losses were primarilly concentrated in retail and leisure and hospitality.
Analyst Opinion of ADP Employment Situation
Last month s employment gain was revised marginally downward. It will be interesting to see what the BLS says is jobs growth.
ADP employment has not been a good predictor of BLS non-farm private job growth.
The market expected from Econoday 125,000 to 255,000) - consensus 165,000. These numbers are all seasonally adjusted.
In
Econintersect s December 2020 economic forecast released in late November 2020, we estimated non-farm private payroll growth at 200,000 (based on economic potential) and 500.000 (fudged based on current overrun / under-run of economic potential). [because the decline was so steep and the recovery so steep, our forecast methodology is not accurate in this period]
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COLUMBUS, Ohio, Dec. 23, 2020 /PRNewswire/ Recent actions at the federal level to extend foreclosure and eviction moratoriums on certain sections of the housing market through January will allow the incoming administration of President-elect Biden to revisit the issue after Inauguration Day, according to Columbus distressed assets manager and auctioneer Rich Kruse.
But the Gryphon USA Ltd. principal said adopting that strategy for too long could create risks for the housing market as many landlords and mortgage holders begin to assess the impact on their businesses.
Congress supported the extension of mortgage foreclosures and eviction protections to certain properties through Jan. 31 as part of a second round of support for those facing job loss and other economic stress as a result of the COVID-19 pandemic. A number of federal agencies had already extended the moratorium that were due to expire on Dec. 31.
After N J infection crisis, comes eviction crisis | Opinion nj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nj.com Daily Mail and Mail on Sunday newspapers.