Last week, we awarded the Wonky for most overrated economic statistic to the government's monthly jobs numbers, which are prone to considerable error and tend to get way more hype upon release than they deserve. However, an alternative metric -- the ADP employment figure -- is, if anything, underrated. Collected by the payroll processing firm ADP, the report has offered a more accurate first guess of the actual, final job numbers during the current economic crisis than has the Bureau of Labor Statistics' initial release for the month. ADP has since switched its methodology a bit, but it's definitely worth paying attention to.
Read full article >>
