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Why Traders Don’t Trust the ADP’s Read on Friday’s Jobs Report
That giant thud you felt at 8:15 Eastern time this morning was not another freak earthquake but rather the impact of thousands of jaws on Wall Street hitting the floor all at once when the ADP December payroll number hit the tape. But traders quickly gathered themselves and moved past the blockbuster number, largely because there are bigger European fish to fry, but also because they still can’t bring themselves to trust the ADP’s numbers. RBC’s Tom Porcelli sent along this chart that illustrates the reason for the skepticism about ADP numbers, particularly around the holidays. As you can see, since 2006, the ... (full story)
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