ADP National Employment Numbers Higher Than Expected
The U.S. ADP November Jobs Reportcame out this morning. It suggests employment rose by 158,000 in November– that’s private employment. This is an increase from the 58,000 back in October. On this morning’s "Squawk Box", CNBC’s Senior Economics reporter, Steve Liesman sifted through the data with John Silvia--Chief Economist at Wachovia.
Silvia says it’s higher than Wachovia’s forecast which was 110,000 – the data leads him to believe the risk will be on the upside. He cautions that last November the ADP number was high relative to the actual number – but it does suggest that the actual number will be higher.
(Note: The U.S. ADP employment report for November is closely analyzed by investors because it provides clues to Friday's keenly-watched non-farm payrolls report.)
Silvia goes on to say--the ADP statistic adds value to the market place but it’s always possible that a statistic can be out of whack sometimes.
U.S. government bond prices fell modestly on the news.