Yields, Dollar Jump On Giant ADP Beat

Well, that escalated quickly…

  • ADP says U.S. firms added 246k jobs in Jan.
  • 246k jobs vs. est. 168k (range 140k to 204k) from 39 economists.
  • Dec. revised by -2k to 151k from 153k as reported last month.
  • Small firms (1-49) added 62k jobs in Jan.
  • Medium firms (50-499) added 102k jobs in Jan.
  • Firms with over 500 employees added 83k jobs
  • Treasuries fall to session lows after January ADP Employment
  • The dollar gained after ADP employment report was stronger than expected;
  • The Bloomberg dollar index stayed within the day’s range, though USD scored fresh highs vs EUR and JPY.

yields

What’s the over/under on how long it takes Trump to tweet something?

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One thought on “Yields, Dollar Jump On Giant ADP Beat

  1. It may not be apparent as one is sipping beverages oceanfront on a sunny island, but the eastern half of the US had great weather in January outside a few cold days, with no winter storms to speak of. Normally when that happens we get a pop in the Jan/Feb numbers, as the seasonal algorithms do not take that into account, and we give the jobs back in the Spring. The 25k pop in construction jobs in a category that has been flat-lining is certainly a clue. From DC to Boston was 6 degrees above normal. Also note those regions were leaders in the Fed Manufacturing Index surveys and the ISM PMI which tracks the surveys well.

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