Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.Free Access
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
ADP jobs reports have been pretty consistent the last 3 months: nonfarm private employment estimated at +534k in Nov, vs +570k in Oct (only a 1k downward revision) and +526k in Sep (after a summer lull with +316k avg in Jul-Aug).
- For what it's worth, the October ADP was pretty close to the eventual BLS nonfarms private payrolls result (+604k).
- With Fed Chair Powell's comments yesterday implying the default position is for the FOMC to accelerate the taper at the December meeting, likely only a really weak nonfarm print this Friday (seen +525k private, +548 overall) would seriously put those plans into question (apart perhaps from Omicron developments).
- The Nov ADP reading certainly doesn't change the narrative.
- Of some note within the details: in the context of ADP jobs remaining 5mln short of pre-pandemic levels, professional services (+110k in Nov, behind only Leisure/Hospitality's +136k) joined construction jobs as moving above their Feb 2020 (ie pre-pandemic) level.
Source: BBG, BLS, ADP