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4 Feb 2015
ADP report suggests oil prices already hitting jobs – FXStreet
FXStreet (Barcelona) - FXStreet Analyst, Craig Drake, reviews the US ADP Employment data release, noting that the report reflects the negative effect on falling oil prices on hiring and payrolls.
Key Quotes
“The latest ADP national employment report indicated that private sector employment increased by 213k jobs from December to January.”
“While the ADP number is often an unreliable indicator of the NFP number released two days later, the drop off from 253k is some slight cause for concern, but nevertheless signals continued robust labour market conditions.”
“The ADP report indicated that the sharp decline in oil prices was already having an effect on the labour market, with businesses in the energy and supplying industries scaling back payrolls, however industries benefiting from the lower prices have been slower to increase their hiring – something we are likely to see reflected in the NFP report.”
Key Quotes
“The latest ADP national employment report indicated that private sector employment increased by 213k jobs from December to January.”
“While the ADP number is often an unreliable indicator of the NFP number released two days later, the drop off from 253k is some slight cause for concern, but nevertheless signals continued robust labour market conditions.”
“The ADP report indicated that the sharp decline in oil prices was already having an effect on the labour market, with businesses in the energy and supplying industries scaling back payrolls, however industries benefiting from the lower prices have been slower to increase their hiring – something we are likely to see reflected in the NFP report.”