DislikedWell with such low ADP nonfarm employment #s out, could that be an indication of what we might see on fridays #'s?Ignored
Actually, there isn't really a very good correlation with any other reports and I wouldn't use the employment components of the CHI PMI or either ISM and there's a very good reason why-the data in those reports is collected very differently then the way the BLS collects the data.
The BLS only counts jobs that exist during the 7 day period beginning on the 12th for any given month. If a company hires workers at other times, those jobs are counted in the revisions. For example, if a company hires workers between the 1st and the 10th of December, those jobs will not be reflected in the Dec. NFP, they'll be announced as a revision to Dec. NFP with the Jan report. Likewise for workers hired in Dec. after the week of the 12th. So if it turns out that hirings do not occur during the week of the 12th, then for BLS purposes no new jobs will be counted as being created by that company for the month of Dec.
All other reports simply collect end of the month data. If the emplyment component of the ISM shows a net increase for Dec. as compared to Nov. their employment index will register an increase. Only if this jobs were created DURING the week of the 12th will they be counted in the headline number in the NFP.