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ADP & TrimTabs – Payroll Growth Continued in September

A bit of okay news here from two leading private payroll reports.  TrimTabs is reporting 159K jobs added in September while ADP reported 166K.  The BLS estimate is for 184K so if these two private reports are accurate then the government report might be a bit on the optimistic side.  As you can see in the chart below, the ADP data correlates very tightly with the government data so this is a good sign that employment growth is continuing.

fredgraph (1)

Things look like they’re continuing to muddle along.  It’s an okay, but not great environment.  Of course, that’s assuming our government doesn’t manage to torpedo the economic recovery here with the political shenanigans that are going on.

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