ADP Report Creates Worry of Revisions

"The reason I say that is because we're predominantly a service economy now," Nolte said. "If you look at some of the manufacturing data, it has flattened out to a degree, but we're still seeing an awful lot of contraction within services, from the banking industry to auto dealerships."

ADP, which touts itself as the top source for the widest range of human resources information, payroll processing and tax and benefits administration, compiles anonymous payroll data for its report but does not include government jobs data.