「Fed Whisperer」: Federal Reserve Loses Access to 'Little Nonfarm' Employment Data Channel

By: theblockbeats.news|2025/10/23 01:15:52

BlockBeats News, October 23rd, in his article, "Fed's Whisperer," Nick Timiraos pointed out that Federal Reserve officials recently lost access to third-party-provided employment data. Since 2018, payroll processing company ADP has been providing the Fed with a dataset containing anonymous employment and income information, covering 20% of the U.S. private sector workforce. The Fed usually received this data with about a one-week lag, making it a timely and comprehensive measure of the labor market conditions.

Sources revealed that ADP stopped providing this data to the Fed after Fed Governor Waller's speech at the end of August drew public attention to the Fed's long-standing use of ADP employment data. The specific reasons for this change are not yet clear.

In Waller's speech, he cited ADP data in an accompanying footnote, further illustrating his concerns about the labor market slowdown. The footnote indicated that preliminary estimates showed a continued deterioration in summer hiring conditions, with the data timeframe extending beyond the coverage period of the latest government data. (Jinse Finance)

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