US DATA: Benchmark Revision Somewhat Less Negative Than Expected
Feb-07 13:33
- Payrolls benchmark revision: -598k (NSA basis).
- We had seen some recent estimates between -670k and -700k using latest QCEW data, whilst the preliminary estimate from Aug was -818k.
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MNI: US JOBLESS CLAIMS -10K TO 201K IN JAN 04 WK
Jan-08 13:29
- MNI: US JOBLESS CLAIMS -10K TO 201K IN JAN 04 WK
- US PREV JOBLESS CLAIMS REVISED TO 211K IN DEC 28 WK
- US CONTINUING CLAIMS +0.033M to 1.867M IN DEC 28 WK
US DATA: Softest ADP Employment Growth Since August
Jan-08 13:28
- ADP employment was softer than expected in December at 122k (cons 140k) after an unrevised 146k in Nov.
- It’s the softest pace of ADP jobs growth since August.
- The lack of revisions left some large discrepancies with private payrolls in recent months (at least in the latest vintage for both), having undershot payrolls by 63k in Sep, overshoot by a huge 186k in Oct and then undershot again by 48k in Nov.
- The latest ADP employment data show nearly all job creation was in large companies (500+), continuing a recent theme.
BONDS: Off Lows On U.S. Inputs, Gilts Still Lead The Sell Off
Jan-08 13:26
Spillover from Tsys allows bonds to stabilise as comments from Fed Governor and U.S. ADP employment data come down on the dovish side.
- German yields still higher across the curve on the day (0.5-3.5bp), bear steepening.
- Gilts continue to lead the weakness in wider core global FI markets, yields 6.5-10.5bp higher vs. yesterday’s close, with the 10- to 30-Year zone leading the sell off.
