ADP US January jobs report +174K vs +50K expected

Results of the January 2021 ADP US employment survey:

US January jobs report
Prior was -123K (revised to -78K)Goods producing +19K vs -18K priorService providing +156K vs -105K prior

That’s a positive surprise for the headline and prior. This report isn’t exactly running with a great track record and jobs aren’t at the top of the market’s mind.

At some point we’ll be headed towards a ‘good news is bad news’ paradigm on US employment. I think that’s still at least 8 months away but below 6% unemployment, every job that comes back beyond that brings the Fed closer to hiking rates.

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