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ADP Employment Stronger Than Expected, Bond Markets Weaker
Posted to: Micro News
Wednesday, January 8, 2014 8:23 AM
Fannie 4.0s shed a quick 5 ticks, falling from 103-12 to 103-07 after the ADP Employment report showed a gain of 238k payrolls vs 200k forecast. 10yr yields have jumped from the 2.95's to 2.9857 currently. They briefly crested 2.99.
Private sector employment increased by 238,000 jobs from November to December, according to the December ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) 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.
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