ADP Private Employment data
In the long awaiting for tomorrow’s Non-Farm Payrolls release, Participants can’t get enough of more labor data, particularly as ADP employment recently turned out to be a more accurate preview of the US Employment trends (as large revisions to NFP later confirmed.
The report came at 54K vs 65K expectations a relatively small miss, but miss nonetheless – and this report reiterates the ongoing downtrend in private employment.
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- Hesitant equities and (maybe) better relations between US and Canada — North American mid-week Market update
- Markets Already Looking to NFP
Jobless Claims and Unit Labor Costs
The Jobless claims rose to 237K from 230K, with the continuing claims still hanging around November 2021 levels.
The FED will still be appreciating the Unit Labor Cost data which came at 1% instead of 1.6%, which will help with inflationary pressures.
In case you didn’t know, Unit Labor Costs measure how much businesses pay workers to produce one unit of output. Rising costs signal wage pressures and potential inflation, while falling costs suggest easing price pressures.
Market reactions are very slow as Markets seem to not exaggerate tomorrow’s NFP release which may still differentiate largely from this morning’s reports.
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