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Likes ReceivedUS March ADP Nonfarm Employment Data Released
The US has just released its March ADP nonfarm employment data, with an expectation of 40,000. The actual figure is 62,000, exceeding expectations. Moreover, the wage growth for job switchers reached 6.6%.
The market dipped slightly, but don't worry. Remember last month's ADP was also over 60,000, but the subsequent nonfarm payrolls bombed with a negative 92,000.
Employment is one of the reasons the Fed is considering interest rate cuts. If not for stubborn inflation, they might have already cut rates significantly. Alright, let's focus on the nonfarm payrolls this Friday night, that's what the market is most concerned about.
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