After a few weeks of re-rising jobless claims (with Pandemic Emergency claims substituted for normal ongoing claims) and over 20 million Americans still on unemployment rolls, analysts expected a weak +75k rise in employment from ADP in December.
Instead it was much worse, with ADP reporting a 123k drop in employment - the worst since April...
Source: Bloomberg
Both large and small businesses saw losses in jobs while medium-sized businesses saw a rise...
The Services industry saw the biggest drop in jobs...
Non-farm payrolls is expected (for now) to be +50k... we suspect this ADP print will see a reduction in that forecast.
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