The number: BOOM.
ADP says December job gains were 297K. That’s WAY better than expected.
This jibes with the improving initial claims reports.
Stock futures just jumped.
Much of the gains came from small businesses, which is very encouraging.
With any luck, this sets up for a good Friday Non-Farm Payrolls report, erasing memories of the November numbers.
Background: In early December, the economy took a surprise punch when the November non-farm payrolls report came in way worse than expectations, and ever since then we’ve been wondering what in the world is going on.
Was November a fluke?
We’ll find out a lot more on Friday, but today at 8:15 AM ET we get the ADP Jobs Report, which looks at private sector job creation only. Estimates are for 100K new jobs.
We’ll update then.
(Also: Watch out for the Challenger layoffs report at 7:30.)