ADP: -371k Jobs Lost In July, Official BLS Jobs Report Friday

Today, ADP, a provider of payroll services to 23 million Americans employed in the private sector, released their monthly jobs data which showed that the economy lost -371k jobs in July The expectations were for a loss of 350k jobs. This is a marked improvement from previous months, and it will be confirmed Friday when the official Bureau of Labor Statistics jobs report comes out Friday. You can view previous months by clicking the ADP tag below.

After reporting numbers way under official BLS numbers throughout 2008, ADP reports have been close to the official government jobs report produced by the Bureau of Labor Statistics this year. The jobs report has a large impact on markets, and mortgage rates always move on this report since it’s such a broad measure of the economy, covering consumer strength, unemployment and wage inflation. Stocks and bonds are off today not so much on this news (since it wasn’t drastically off expectations and since ADP still lacks market-moving clout relative to BLS) but on news of more Treasury auctions next week. Bond market oversupply can lead to higher yields and markets generally don’t like that.