MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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US DATA: Softest ADP Employment Growth Since August

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • ADP employment was softer than expected in December at 122k (cons 140k) after an unrevised 146k in Nov.
  • It’s the softest pace of ADP jobs growth since August.
  • The lack of revisions left some large discrepancies with private payrolls in recent months (at least in the latest vintage for both), having undershot payrolls by 63k in Sep, overshoot by a huge 186k in Oct and then undershot again by 48k in Nov.
  • The latest ADP employment data show nearly all job creation was in large companies (500+), continuing a recent theme. 
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  • ADP employment was softer than expected in December at 122k (cons 140k) after an unrevised 146k in Nov.
  • It’s the softest pace of ADP jobs growth since August.
  • The lack of revisions left some large discrepancies with private payrolls in recent months (at least in the latest vintage for both), having undershot payrolls by 63k in Sep, overshoot by a huge 186k in Oct and then undershot again by 48k in Nov.
  • The latest ADP employment data show nearly all job creation was in large companies (500+), continuing a recent theme. 
image