Macro: Employment — ADP And Initial Claims — Strong Employment Continues
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The economic backdrop today:
- Employment is strong
- Employment drives personal consumption
Initial Unemployment claims dropped by 18,000 to 202,000. This is the 4th lowest number of initial unemployment claims of the year. Continuing claims dropped as well and the slope of the 4-week moving average is now negative indicating an incrementally easier environment to find a new job.
Today’s ADP release reported 164,000 jobs added in December. This was even better than the Jolts report yesterday. This was the most jobs added in the last 4 months. Could the slowdown of job growth have bottomed and is about to accelerate or is this just a strong month in the 2 year slowing in hiring? Regardless, 164,000 new jobs is a strong number, well above the average month of 152,000 going back to 2/2010 when the series started.
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