U.S. December 'Non-Farm Payrolls' Below Expectations, Wage Growth Falls to a Three-and-a-Half-Year Low

1. The U.S. December ADP private sector employment data has been released, with 122,000 new jobs added, the smallest increase since August of last year;

2. Wage growth increased by 4.6% year-on-year, the slowest growth rate since July 2021;

3. Following the data release, the yield on the ten-year U.S. Treasury bond slightly fell, and U.S. stock index futures narrowed their pre-market losses.

From an industry perspective, the education and health services sector was the strongest, adding 57,000 positions in December, while the construction and leisure & hospitality sectors also added over 20,000 jobs.

Another very significant trend is that the vast majority of new employment reported by ADP came from companies with more than 500 employees, totaling 97,000 people.

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