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Analysis of July's Report

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Total nonfarm private employment grew 99,000 from June to July on a seasonally adjusted basis, according to the ADP National Employment Report™. These findings indicate a deceleration of employment in July.

Estimates of total nonfarm private employment, seasonally adjusted numbers in thousands, unless noted
Category	2006
Category	Feb.	Mar.	Apr.	May.	June.	July.

ADP National Employment Report...........	113030	113163	113341	113463	113831	113930
change from previous month.........................	342	133	178	122	368	99
percent change from previous month...........	0.3	0.1	0.2	0.1	0.3	0.1

BLS Establishment Employment............	112854	113006	113099	p113173	p113263	na
change from previous month........................	168	152	93	p74	p90	na
percent change from previous month...........	0.1	0.1	0.1	p0.1	p0.1	na
p=preliminary

About ADP's National Employment Report^SM

The ADP National Employment Report, sponsored by ADP®, was developed and is maintained by Macroeconomic Advisers, LLC. It is a measure of employment based on an anonymous subset of ADP payroll data covering approximately 225,000 establishments and 14 million employees working in all 19 of the major North American Industrial Classification (NAICS) private industrial sectors. The data is collected for pay periods that include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics (the BLS) to compute employment from its monthly survey of establishments.

For the period January 2001 - December 2005, the simple correlation between the monthly percent change in the ADP National Employment Report and the monthly percent change in nonfarm private establishment employment is roughly 0.90. Empirical analysis performed by Macroeconomic Advisers suggests that the ADP National Employment Report is a better advance indicator of the monthly change in establishment employment than available consensus forecasts, and that it anticipates revisions to the BLS measure.

For a description of the underlying data and the statistical properties of the series, please see the "ADP National Employment Report: Development Methodology" at http://adpemploymentreport.com/methodology.aspx.

For a full schedule of future releases, please visit: www.ADPemploymentreport.com

Media contacts: ADP Public Relations: 973-974-7612
Macroeconomic Advisers: 314-721-4747

Technical information: 314-721-4747
www.ADPemploymentreport.com

The ADP National Employment Report is a trademark and service mark of ADP of North America, Inc.

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