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Today's ADP employment numbers, released from US for the month of October, showed that US economy and its labour markets are quite robust, in spite of global economic slowdown.
There are two things to note in the headlines:
- Job growth way beat expectations, number can be considered as superb.
- October payroll marginally revised to 196,000 (up from 182,000).
Key highlights
- Non-farm private sector employment grew at 217,000 in November, median expectation was for 190,000.
- Small business sector hiring at 81,000, compared to 90,000 last month.
- Employment in franchise increased to 25,600 compared to last month's 52,500.
- Mid-sized companies added 62,000 jobs compared to last month's 63,000 jobs.
- Large sector added just 74,000 compared to last month's 29,000 jobs.
- Manufacturing sector payroll gained by 6,000 compared to 2,000 job loss last month.
- 13,000 jobs were added in goods producing sector, compared to last month's 24,000
- Construction sector added 16,000 on payroll, compared to last month's 35,000.
- Services sector employment remains robust but relatively weak as payroll added 204,000 people in November. October gains were 158,000.
Dollar is broadly but marginally higher however scope of any large gains remain limited, with NFP report to be released on Friday.
FXCM US Dollar index is currently trading at 12170.
