“美联储传声筒”：美联储失去“小非农”就业数据访问渠道

Core Insights - The Federal Reserve has lost access to employment data provided by ADP, which has been a key source of information since 2018, covering 20% of the private sector workforce [1] - The cessation of data sharing occurred after a speech by Fed Governor Waller in August, which raised public attention regarding the Fed's reliance on ADP data [1] - The specific reasons for ADP's decision to stop providing data to the Fed remain unclear [1] Summary by Categories Employment Data Access - ADP has been supplying the Federal Reserve with a dataset containing anonymous employment and income information, allowing for timely assessments of the labor market [1] - The Fed typically received this data with about a one-week delay, making it a comprehensive measure of employment conditions [1] Impact of Waller's Speech - Waller's remarks included a footnote referencing ADP data, which highlighted concerns about a slowdown in the labor market [1] - The footnote indicated that preliminary estimates showed a continued deterioration in hiring conditions over the summer, beyond the latest government data coverage [1]