Bankinter | On Tuesday, the ADP published an average weekly job loss of 2,500 people in the four weeks ending 1 November. These figures suggest that the labour market lost some momentum at the end of October, although the pace of job losses moderated in early November.
Bankinter analysis team’s view: Negative data reflecting a slowdown in the labour market, although slightly improved from 11,250 people (weekly average) in the four weeks ending 25 October. Although these figures are not definitive because the government shutdown has limited the information available, they are an important reference for the market because they provide a broad overview of employment trends. Perhaps they are anticipating that hiring is being postponed in view of the Christmas season.
