This was a good month to factor ADP data – long a bug-a-boo for economists — into payrolls estimates.
Economists have a rule to add 60,000 to the ADP number to get the government’s private-sector employment.
That formula worked pretty well in May, at least compared to the performance of Wall Street economists. The government said 83,000 private-sector jobs were created. ADP on Wednesday said 38,000 private-sector jobs were created in May.
