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Published on July 28, 2025
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ADP Signals Labor Market Weakness
2025-07-03
The Fed and most investors primarily assess the labor market based on the monthly BLS employment report. To better guide those estimates, various reports, such as the monthly ADP report, can be helpful. We say “can be” because, since the pandemic, ADP has been less correlated with the BLS than it was before the pandemic. …
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