ADP Prints a “Strong” Headline. But Is the U.S. Job Market Actually Strong?
February’s ADP private payrolls report looked like exactly what a fragile market wanted to see:
+63,000 private jobs in February, beating expectations (around +50,000) and miles above January’s revised +11,000.
On the surface, this reads like an economic shot in the arm.
But once you open the hood, the story looks a lot less “broad-based strength” and a lot more “growth concentrated in a few pockets.