November 2020 ADP employment report
- Prior was +365K (revised to +404K)
- Goods producing +31K vs +17K prior
- Service providing +276K vs +348K prior
- Full report
This is a miss and highlights some of the downside risks for non-farm payrolls on Friday. The problem is that this report has done a poor job of forecasting the government data in the pandemic era.
The market reaction to this report has been minimal but with a minor risk off tone.
