Punctually at At 14:15 we got to know one of the most important reports of Thursday’s session. This is, of course, about the results of the change in ADP’s non-agricultural employment. How has employment in the US non-farm sector changed in recent weeks, and most importantly – how does the dollar react to the latest data? The ADP report shows the number of people employed in the private (non-agricultural) sector based on data collected from approximately 400,000 US companies that are ADP customers. For many investors, this publication is a forecast ahead of the NFP reading scheduled for Friday (part of the BLS report).
239,000 new jobs in October
Usually, publications of changes in employment in the non-agricultural sector are quite volatile and the consensus of analytical forecasts can miss them. It was not different this time. The ADP report shows that despite forecasts at 195,000, in October this year the American economy created as many as 239,000 new jobs, which is a better result than last month’s (192,000) as well as the expected (195,000).
– This is a really strong result given the maturity of the economic recovery, but the employment was not broad-based. Commodity producers who are sensitive to interest rates are withdrawing, and job changers receive lower wage increases. While we are seeing early signs of Fed-induced demand destruction, it is only affecting certain sectors of the labor market, admitted Nela Richardson, ADP’s chief economist.
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At the same time, I would like to remind you that every Sunday, just before the opening of the markets, we hear each other during traders’ clearance. During the 2-hour meetings, we will present everything that needs attention in the coming days. In addition to the fundamental analysis, we will also look at the technical situation on the most interesting-looking financial instruments.
Meeting plan:
Technical overview of the most popular instruments Analysis of the instruments proposed by the meeting participants Overview of the most important publications planned for the coming week
Let’s meet just before the markets open!
Take part in the traders’ briefing with Arkadiusz Jóźwiak I also invite you to our Facebook group “Sunday Traders”
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