When Trump began to question the 'employment data' from the U.S. Bureau of Labor Statistics, it unexpectedly salvaged a corner that the market had overlooked—private data.

As soon as the July employment data was released, Trump fired back and also removed the head of the Labor Bureau. The new head is currently stuck in the Senate confirmation stage, with ongoing controversies. As a result, some leading institutions have started to worry: how much can we trust future employment data?

Interestingly, this kind of skepticism has actually elevated the status of ADP. Originally, the 'little non-farm' ADP had decoupled from the official unemployment rate/non-farm data for more than two years, and market attention had sharply declined. But now, as data produced by a private institution, ADP may once again become a key reference for the market to evaluate employment.

In short, Trump's doubts have inadvertently given ADP more 'credibility'.

The week after next is employment data week, and it looks like we need to take ADP seriously again.