So September jobs report revised downward big time. BIG SURPRISE, HUH?
— TRoosevelt1973 (@TRoosevelt1973) October 31, 2012
— Mehrdad Ketabchi (@mketabchi) October 31, 2012
— Rob Lambert (@Planet_Rob) October 31, 2012
— Dave O (@do6986) October 31, 2012
Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated.ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month.
The new private payroll count now is actually under Labor’s September job creation household survey net total of 114,000, 104,000 of which came from the private sector.
Question of the day:
cnbc.com/id/49620569 September jobs #’s revised down by half for September – what manipulation will we see in October revised in Nov
— Jeff Stanley (@jstan59) October 31, 2012
The new jobs report is scheduled to be released on Friday, four days before Election Day.