Categories: Market Overview

US job growth beat estimates, ADP data show

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

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

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