The Canada ADP employment report showed a drop in jobs of 231,200 in January. The data was overshadowed by the revision of the December figures, which went from negative at 28,800 to positive at 338,000. In this way, December was the best month since July 2020, and implied the second consecutive monthly increase. That streak would be ending in January, if these figures are confirmed.
The loonie no impact was seen by the data and it continues to trade without significant changes against the dollar. ADP’s report continues to be subject to abrupt month-to-month revisions which make it unreliable and unpredictable, which is why its impact on the market and on expectations is limited.
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