Source: Automatic Data Processing, Inc.
Release: ADP National Employment Report
The January 2023 report presents the scheduled annual revision of the ADP National Employment Report (NER), which updates the data series to be consistent with the annual Quarterly Census of Employment and Wages (QCEW) benchmark data through March 2022. This is a recurring process that happens every year, and is a common practice for reports of this nature.
In addition to this regular, annual update, the NER weighting methodology was revised to facilitate an easier comparison of total employment estimates between the NER and QCEW; monthly aggregates now leverage weekly seasonal adjustments rather than a separate monthly seasonal adjustment; and the national aggregate is now constructed from industry aggregates. There was also a refinement in the labeling methodology which is used to determine how various employment sources fall into a particular industry and geography definitions. These changes were applied retroactively to the 13-year history of the NER.
Automatic Data Processing, Inc., Nonfarm Private Payroll Employment for Financial Activities [ADPWINDFINNERNSA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/ADPWINDFINNERNSA, June 10, 2023.