Much higher than expectations
The ADP employment change came in at 271K vs 180K estimate. Big beat.
- Education, health services +6 K
- Leisure and hospitality, +39K
- construction, +37K
- trade/transportation, +33K
- manufacturing, +12K
- The prior month was revised lower to 157K from 179K
- the rise was the largest since February 2017
- small firms added 89K
- medium firms added 129K
- large firms added 54K
- goods producing, +47K
- service producing +224K
The US stocks have improved a bit after the stronger growth. The Dow is down -229 points after being down about -280 points. The S&P is down -23 points (was -30 points). Yields in the US have ticked higher with the 2 year up to 2.502%, up 3.4 bps (at highs).
Earlier today, the challenge of job cuts came in at 35.3%.
- Total job cuts in 2018 538,659 which was the highest total since 598,510 in 2015
- retail cuts totaled 18.3% of all announced cuts this year
US initial jobless claims will be released at the bottom of the hour with expectations of 220 K versus 216 K