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Mortgage & Housing Market News from HSH.com
July 2nd, 2008

ADP Report: Unreliable Indicator?

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According to a report released today by ADP Employer Services, 79,000 private-sector jobs were slashed in June. Some economists view the ADP report as an indication of the more detailed and reliable Department of Labor employment report to be released tomorrow.

HSH’s Vice President Keith Gumbinger says, “At least at this point, the ADP report is not exactly indicative of the Bureau of Labor Statistics employment report.” Gumbinger noted the current lack of correlation between the two reports.

While ADP reported a revised increase of 20,000 jobs in May, the government’s report announced a decrease of 49,000, beating expectations of a loss of as much as 70,000. The ADP report is based off of payroll data of approximately 24 million employees in every sector of the industrial industry. The report excludes government jobs.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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