Independent Strategy

USUS September ADP

ADP reporting a further strong month of job gains (or jobs recovery) with the749k increase and net 53k upward revision to August quite a bit ahead of expectations, although consensus estimates should be taken with more of a pinch of salt than usual given the variables in play.  It was mid-sized firms that drove the increase, alongside small businesses.  There was actually a deceleration in job creation at larger firms, although they still added workers.

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