ADP Employment Report
Definition
An estimate of private-sector job creation built from ADP’s payroll-processing data covering tens of millions of workers, released two days before the government jobs report.
Why investors care
It is an early, independent read on hiring that can reset expectations for Friday’s nonfarm payrolls.
What to watch
ADP and the BLS measure different things and diverge monthly — use ADP for direction, not as a precise payrolls predictor.