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Private sector employment added 147,000 jobs in October, according to the ADP National Employment Report, below market expectations of 165,000. This is lower than the 202,000 recorded in September.
According to ADP Research Institute VP Ahu Yildirmaz, "Job growth appears to be shifting from small to large companies due to the lessening impact the global economic environment had on large companies earlier in the year. This is also true because large companies often have the resources to attract workers with better pay and benefit packages."
With the Federal Reserve meeting on Wednesday afternoon, the data could play a factor in the discussions. However, the market expects the bank to retain its 0.50 percent interest rate.
The latest data also assumes significance ahead of jobs data on Friday. The market expects 175,000 nonfarm payrolls in October and 166,000 in nonfarm private payrolls. In September, nonfarm payrolls witnessed additions of 156,000 and nonfarm private payrolls added 167,000 jobs.
On Thursday, initial claims data for the week ended October 29 will be released. The market expects 258,000, the same recorded in the preceding week.
The SPDR S&P 500 ETF Trust (NYSE: SPY) traded down 0.32 percent to $210.34 in the pre-market session.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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