Jobs Loss Rumors Are Flying; Speculation to the Upside

Sean Hyman submits:

Rumors are flying around everywhere. Traders and investors alike are pondering today’s employment report. Some are looking for 600,000 to even 700,000 jobs to be lost, while others, like Bloomberg’s economists, are forecasting a more conservative 515,000 jobs lost (down from 533,000 the previous month).

So why all of the huge speculation to the upside? Wednesday’s ADP (Automatic Data Processing’s) Non-Farm Employment report….that’s why. Automatic Data Processing provides payroll services to many corporations all over the U.S. So they use the data collected from their customers (the corporations themselves) to derive their overall employment estimations.

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