On Wednesday, the U.S. ADP data, known as the "small non-farm", showed that private sector employment growth was lower than expected, which was new evidence of the continued slowdown in the labor market.

The number of ADP jobs in the United States increased by 146,000 in November, the smallest increase since August 2024, lower than the expected 150,000. The previous value was revised down from 233,000 to 184,000.

After the data was released, spot gold rose by $10 in the short term, U.S. Treasuries narrowed their losses, and U.S. stock index futures slightly expanded their gains.

By industry,

In November, the number of employees in Trade/Transportation/Utilities increased by 28,000 and 51,000 in October; the median annual wage growth rate was 4.6%, compared with 4.4% in October.

The number of people employed in the construction industry increased by 30,000 in November and 37,000 in October; the median annual wage growth rate was 5.2%, compared with 4.9% in October.

Employment in professional/business services increased by 18,000 in November and 31,000 in October; the median annual wage growth rate was 4.7%, compared with 4.5% in October.

The number of manufacturing jobs decreased by 26,000 in November and 19,000 in October; the median annual wage growth rate was 4.7%, compared with 4.5% in October.

The number of employees in the financial services industry increased by 5,000 in November and 11,000 in October; the median annual wage growth rate was 5.0%, compared with 4.9% in October.

ADP Chief Economist Nela Richardson said that despite healthy overall growth this month, industry performance was mixed. Manufacturing performance was the weakest since the spring. Financial services and leisure and hotel industries also performed weakly.

Lower-than-expected job growth could solidify expectations for a December rate cut by the Federal Reserve, dampening the flames of dollar bulls. However, it is worth noting that changes in ADP data can be very volatile and subject to revisions in subsequent months.

Foreign exchange analyst Adam Button said the market did not react much to the ADP data, partly because it was in line with market trends and partly because the survey does not have a good record in predicting non-farm payrolls.

In addition, before Friday's non-farm data, investors may be more concerned about Federal Reserve Chairman Powell's speech at 2:45 a.m. the next day.

Continuously updating...

Article forwarded from: Jinshi Data