US ADP Employment Turns Negative for the First Time Since April
US jobs fell in December as covid restrictions increased
Skerdian Meta•Wednesday, January 6, 2021•1 min read
Employment turned massively negating in March and April in the US during the lock-downs, as most services were closed. Since May though, employment has been improving, with the ADP employment increasing by more than 300K per month since then and the unemployment rate falling to 6.7%. But, today’s report showed a 123K decline for December, which is not a good sign, with restrictions increasing in states like New York and California.
US December ADP Employment Report
- December ADP employment -123K vs +88K expected
- November ADP employment was +307K
- Goods producing jobs -18K
- Service providing jobs -105K
This is the first jobs decline since April. It all depends on the coronavirus and the restrictions, although the stimulus package which passed at the end of December should help soften the effects of this in the economy, in areas such as spending and retail sales.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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