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Strong ADP Print For October Opens Door For Powell’s Taper

Courtesy of ZeroHedge View original post here.

ADP reports that 571k jobs were added in October, well above the 400k expected, but we note September's 568k print was revised significantly lower to 523k.

Source: Bloomberg

Once again, Services jobs (+458k) dominated Goods-Producing jobs (+113k)…

Source: Bloomberg

“The job market is revving back up as the Delta-wave of the pandemic winds down,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement.

“As long as the pandemic remains contained, more big job gains are likely in coming months.

Large firms dominated the job additions but Small firms are coming back strong:

  • Small firms (1-49) added 115k jobs in Oct.

  • Medium firms (50-499) added 114k jobs in Oct.

  • Firms with over 500 employees added 342k jobs

The 'strong' ADP print provides more support for Powell to unleash the taper later today.


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