Jobs number to be promising

The latest evidence from private payroll processor, ADP, suggests the winter activity rebound continues and conflicts with the Conference Board’s view of weaker jobs growth.
The April jobs gain of 220,000 edged ahead of estimate and was accompanied by further good news of an upwards revision to the March reading. It initially delivered an employment gain of 191,000 and was lifted to 209,000. The net two-month improvement over and above what economists had expected prior to the report was 29,000 additional private jobs. The latest reading was the strongest since November when the economy generated 244,900 positions. In each of the latest three months the economy has generated 202,000 on average, which is likely to be an important factor in the face of an expectedly anemic GDP report later this morning. The service sector added 196,700 positions and the most since November, while the pace of job creation within the professional and business sector at 76,900 was the highest tally since November 2012.

 

ADP shows business and professional hiring rebounded strongly.

About the Author
Andrew Wilkinson

Andrew is a seasoned trader and commentator of global financial markets. He worked for several London-based banks trading cash and derivatives before moving to the U.S. to attend graduate school. Andrew re-joins Interactive Brokers following a two-year stretch at a major Wall Street broker-dealer as their Chief Economic Strategist. His coverage of stocks, options, futures, forex and bonds regularly surfaces in global media, and over the last several years Andrew has made many TV appearances on Bloomberg, BBC, CNBC and BNN and Yahoo Finance.

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