Economic data shocks the market💫
Economic data were released intensively yesterday. German factory order data opened strongly, with a month-on-month growth of 6.4%, much higher than the 1.2% expected. But what really made the market crazy was the ADP data, which was expected to have only 225,000 jobs (service industry +373,000, manufacturing -420,000). The number of people increased by an incredible 497,000, and the number of jobless claims for the week remained stable (248,000). Challenger corporate layoffs fell to the lowest level since October last year, although the JOLTS data was slightly dull, job openings and unemployment The population ratio fell to its lowest since October 2021 (1.6x), balanced by a rebound in resignations (more voluntary resignations), although the performance of the ISM Services Index more than made up for any disappointment, with the overall index as well as new orders (55.5 vs Both the 52.9) and employment (53.1 vs 49.2) projects exceeded expectations.
