Automatic Data Processing (ADP) released its latest National Employment Report this evening (3rd), showing that US private sector employment unexpectedly decreased by 32,000 jobs in November, far below market expectations of a 10,000 increase.
(Previous context: US September nonfarm payrolls far exceeded expectations! Fed’s December rate cut odds rebound to 41%)
(Background: Is the US labor market entering a cold winter? Goldman Sachs warns of the biggest wave of layoffs in a decade, and unemployment could surge next year)
Automatic Data Processing (ADP) released its latest National Employment Report this evening (3rd), showing that US private sector employment unexpectedly decreased by 32,000 jobs in November, far below market expectations of a 10,000 increase. At the same time, ADP’s October employment data was revised up to an increase of 47,000 jobs (previously reported as 42,000), an upward revision of 5,000, but this could not mask the sharp deterioration in November. Following the release of this data, there is widespread market concern that the US labor market is cooling rapidly, which could further drag down economic growth.
After the ADP data was released, spot gold saw a slight short-term rise, but the four major US stock indices showed little change in pre-market trading.
As for cryptocurrencies, Bitcoin and Ethereum continue to maintain a rebound trend. At the time of writing, Bitcoin is trading at $93,160, up 2.54% in the past 24 hours; Ethereum is following the uptrend, approaching $3,100 and currently at $3,090, up 2.82% in the past 24 hours.
December rate cut probability reaches 88.8%
According to CME FedWatch Tool, the market is currently betting that the Fed will cut rates by 25 basis points again in December, with the probability now at 88.8%. The ADP report has not had a significant impact on this.
Related reports:
Is the December rate cut confirmed? Fed mouthpiece: Inflation data rises moderately
Bitcoin rebounds $4,000 overnight, surges past $85,000! $1.82 billion liquidated across the market, Fed turns dovish and may continue rate cuts in December
US September nonfarm payrolls far exceeded expectations! Fed’s December rate cut odds rebound to 41%
〈US November ADP employment drops sharply by 32,000 “far below expectations”! Fed’s December rate cut probability holds at 88.8%〉This article was first published on BlockTempo《動區動趨-最具影響力的區塊鏈新聞媒體》.
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