The employment report of the ADP’s private sector showed a strong rebound in January, with data above expectations. The change in employment was 174,000, higher than the market consensus of 49,000. In December, there was a 78,000 drop in jobs, a figure that was revised up from -123,000. The data for both January and December were better than expected.
The job market continues its slow recovery in a context where COVID-19 continues to be a headwind, said Ahu Yildirmaz, vice president and co-head of the ADP research institute. “Although previous losses were more concentrated in small and medium-sized companies, we now see signs that the prolonged impact of the pandemic is also taking place in large companies,” added Yildirmaz.
Later on Wednesday, figures for the service sector January with the Markit PMI and the ISM. The dollar was not affected after the ADP employment data. On Friday it will be the turn of the official report with non-farm payrolls (market consensus: 50,000) and the unemployment rate (6.7%).
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
