Last Thursday, the dollar shot up because the private payroll processing firm ADP released their employment citing a ridiculous gain of 368,000 jobs for the month of June. This sounded all gravy until the real deal non-farm payrolls report came out with a "puny" number of 121,000. Talk about being off.
Here’s a screenshot of their "report". It doesn’t look like your standard boring data report does it? It’s a bit more slick…kind of like an ad…hmmm.
Check out this post from the Big Picture who compares the actual data comparing BLS Non-Farm Payroll Reports with the ADP National Employment Report for 2006.
Was ADP’s "employment report" just a slick ploy to get some good ol’ free publicity? It if it was, that’s marketing genius. Brilliant.