The ADP "mini-nonfarm payrolls" data, set for release tonight at 21:15 Beijing time, has gained significance due to the ongoing US government shutdown, which has delayed official non-farm payroll data for a second month. Market expectations suggest an increase of 28,000 jobs in the US private sector for October, following a decline of 32,000 in the previous month.
While the ADP data is a key indicator in the absence of official figures, economists warn against over-reliance on it due to its potential volatility and differences from the official non-farm payroll data. Despite these concerns, recent employment indicators suggest the US labor market remains robust.
ADP Employment Data Gains Importance Amid US Government Shutdown
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