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ECON: ADP Employment Data Much Stronger Than Expected
Posted to: Micro News
Thursday, January 3, 2013 8:23 AM
- Private Payrolls up 215k vs 133k Consensus
- Previous report revised to 148k from 118k
- Market Reaction: Surge in volume and selling in Treasuries taking 10yr yields up 2bps in the minute following the release. 10's bounced at 1.85 at first, pulled back, and moved back above 1.85. MBS pulled back 3-4 ticks briefly, bounced, but are back to -2 on the day at 104-18
Private sector employment increased by 215,000 jobs
from November to December, according to the December ADP National Employment Report which is produced by Automatic Data Processing, Inc. (ADP a leading provider of human capital management solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The November 2012 report, which reported job gains of 118,000, was revised upward by 30,000 to 148,000 jobs.
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