Results of the January 2021 ADP US employment survey:

US January jobs report
  • Prior was -123K (revised to -78K)
  • Goods producing +19K vs -18K prior
  • Service providing +156K vs -105K prior

That's a positive surprise for the headline and prior. This report isn't exactly running with a great track record and jobs aren't at the top of the market's mind.

At some point we'll be headed towards a 'good news is bad news' paradigm on US employment. I think that's still at least 8 months away but below 6% unemployment, every job that comes back beyond that brings the Fed closer to hiking rates.