ADP Says Jobs Surged In November – Really???
This morning ADP, which releases a jobs report ahead of the Labor Department’s number every month, said jobs surged 189,000 in November. Even employment in construction and finanacial activities related to housing and mortgage lending held up well, according to the report (ADP November Jobs Report).
The Wall Street Journal finds this a bit “baffling”, as does The Big Picture’s Barry Ritholtz (post), given what we know is going on, especially in industries related to housing.
Markets seem to like it with the Dow up 146, the S&P 17 and the Nasdaq 42.
Sometimes I wonder why I think I can understand the stock market.