ADP overhauls U.S. private payrolls report
NEW YORK Oct 24 (Reuters) - A monthly reading of U.S. private sector employment will undergo changes to put it more in line with the more closely watched government non-farm payrolls report.
Automatic Data Processing said on Wednesday it had made the changes to its private job market report as part of a new partnership with Moody's Analytics.
While economists use the report to fine-tune their labor market forecasts, ADP has had a spotty track record of predicting the initial reading for non-farm payrolls.
The report will include an increased number of industry categories and business sizes, ADP said. It will use a larger sample size and new methodology to further align it with the final revised readings from the Bureau of Labor Statistics.
ADP's monthly figures are typically released a couple days ahead of the government's report.
The changes will be in effect as of ADP'S employment report for October, which will be released Nov 1.