CNBC came up with a real shocker today. The September jobs data as reported by ADP was revised downward from the initial estimate of 162,000 private jobs created to a barely negligible 88,000.
The Department of Labor estimated the jobs created at 114,000.
ADP has recently joined with Moody’s Analytics to change the way private payroll is counted which is the reason for the change.
Job creation in the private sector isn’t keeping up with population growth.
The unemployment rate dropped to 7.8 percent in September because of an unusual increase of 873,000 workers, many of whom have not shown up in jobs since the report was made. This phenomena has led to speculation that the jobs numbers were manipulated.