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Writer's pictureThe Trade Academy Team

12:15GMT - (US) OCT ADP EMPLOYMENT CHANGE: +239K V +185K



*(US) OCT ADP EMPLOYMENT CHANGE: +239K V +185KE; Seeing early signs of Fed-driven demand destruction;


Notes hiring was not broad-based; Pay growth eased again in Oct - Prior Sept reading revised lower from +208K to +192K - Job-stayers median change in annual pay % v +7.8% prior - Job-changers median change in annual pay % v +15.7% prior


Industry Sectors: - Goods-producing -8K v -29K prior - Service-providing +247K v +237K prior US Regions: - Northeast +50K v +39K prior - Midwest -23K v +25K prior - South -17K v +89K prior - West +229K v +55K prior Establishment Size - Small +25K v +58K prior - Medium +218K v +90K prior - Large -4K v +60K prior


- Comments: restaurants, retailers and the travel sector ramped up hiring in advance of the year-end holidays- This is a really strong number given the maturity of the economic recovery but the hiring was not broad-based," said Nela Richardson, chief economist, ADP.


"Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains. While we're seeing early signs of Fed-driven demand destruction, it's affecting only certain sectors of the labor market.


- Job changers continued to record double-digit, year-over-year pay increases, but momentum in those gains is ebbing.


For these workers, annual pay growth edged down for the third straight month, to 15.2 percent in October from 15.7 percent in September. For job stayers, pay gains were 7.7 percent, in line with recent months.


Related ( USD EUR/USD USD/JPY GLD IAU JPY/USD SPY TLT XHB INFLX GDXJ ITB FXY ) - Source TradeTheNews.com


 

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