US ADP: Do not get your hopes up – BMO

Timing also counts. And regarding employment, it is all about timing. Jennifer Lee, a Senior Economist at BMO Capital Markets Economics, recaps the ADP Employment data. 

Key quotes

“The ADP national report for March was far better than expected, with ‘only’ 27,000 jobs were lost in March. Compared to expectations of a 180,000 loss, this was suspiciously not bad.” 

“Please, do not get your hopes up. The ADP warned that the survey only covered the period up to March 12, and ‘does not reflect the full impact’ of the coronavirus on hiring/cutting.”