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So it begins.Three jam packed days of information about the labour market, culminating with Friday’s Non-Farm Payrolls report.
Today we get the private payrolls from ADP at 8:15 ET.
Here’s Nomura’s quick one-liner: ADP employment: ADP data will guide market expectations for November private payrolls. The consensus forecasts an increase of 130k, less than our forecast for 150k.
Also we get the Challenger Layoffs report earlier in the day, and then of course tomorrow there’s the initial claims report.
Regarding initial claims, it’s the steady strength in that measure — a few readings coming in below 400K — that’s given people cause for optimism.