Working as planned….
Concurrently he (Zandi) also announced that the just released April ADP was a huge miss to expectations of 150K, printing at just 119K, or a 31K miss. This was the 5th month in a row of declines excluding the small bounce in February data. It also means that the combined miss to expectations including March (original estimate +200K) and April (estimate 150K) is precisely 100K.
Oh yes, anyone looking for seasonally unadjusted ADP data, good luck – keep on looking.