The private ADP report noted a 174K gain in employment in January in the US, well above the expected 48K. Moreover, December’s drop was revised from 123k to 78k, which further improves the employment picture. Investors and traders use the ADP report as an indicator for Friday’s NFP data.
A positive contribution to employment came from healthcare (+48k) and a partial recovery in leisure sector employment (+35k) after a freeze in December (-79k).
The construction sector remains the recovery locomotive, with only 2% fewer jobs now than before covid hit. The entire economy lost 7% of jobs, ranging from -2% (construction, financial services) to -24% (leisure services).
Interestingly, US indices have so far ignored this data. Have the markets switched to a “sell the facts” approach?
The FxPro Analyst Team
- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…
- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…
The recent declines in US indices may have broken the bullish trend, indicated by technical…
The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…
Bitcoin finds support near the 50-day moving average, but further declines in the stock market…
- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…
This website uses cookies