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Investing.com – ADP’s US non-farm payrolls report has now come out contrary to expectations, coming in negative this time and below experts’ expectations.
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The initial employment data was weak in this reading, that is, lower than experts’ expectations, and lower than the levels recorded in the previous reading, to motivate the Federal Reserve to end the monetary tightening policy in the coming period, which supports a decline on the one hand, and an increase on the other hand.
The importance of employment data issued today increases, because it gives a general overview of the Fed’s move in the upcoming meetings, as if the data comes positive, it stimulates the Fed to maintain the policy of monetary tightening, given that the economy is still in good health, and vice versa, if the data comes negative, it may stimulate… The Fed is moving towards calming down as a sign of a slowing economy that leads to lower inflation.
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ADP Employment Report
He reported that the economy added only 103,000 jobs for the month of November, while experts expected the addition of 130,000 jobs.
The previous October reading recorded 113 thousand jobs, but it was revised down to 106 thousand jobs.
This indicator determines the change in the level of those hired over the past month, excluding those hired in the agricultural sector. This indicator is published two days before the publication of the ADP Recruitment Report by the Bureau of Human Resources Statistics, which provides recruitment solutions for companies. Since its release in 2007, it has proven to be a good predictor of the employment report.
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Gold and dollar now
It is now rising 0.6% to $2,049 an ounce.
Meanwhile, spot gold contracts rose by 0.59% to $2,031 per ounce.
On the other hand, the dollar index fell by 0.05% at 103.95 points.
2023-12-06 13:16:00
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