ADP employment rose 190K in November; Q3 productivity unrevised, compensation and ULCs revised lower
ADP employment rose 190,000 in November, right in line with the median consensus forecasts, and October's 235,000 gain was unrevised. Small businesses (fewer than 50 employees) reported a gain of 50,000 jobs, medium-sized businesses (50-499 employees) added 99,000, while large firms (500+ employees) increased employment by 41,000. Manufacturing employment rose 40,000 in November, though construction employment fell 4,000 following a 62,000 surge in October. Employment in service-providing industries increased 155,000 in the month.
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Our views are driven by consistent application of classical economic and monetary principles and has generated superior anticipation of changes in the stance of monetary policy and of movements in economic growth and inflation.
The founders of RDQ Economics, John Ryding and Conrad DeQuadros, have a combined experience of 26 years on Wall Street, 12 years of experience in central banking at the Federal Reserve and the Bank of England and nine years in the independent research space. John and Conrad have worked closely with fixed income, foreign exchange, and equity traders and portfolio managers, which has enabled their analysis and advice to be tailored to a clientele that is focused on trading and investment decisions.
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