The monthly ADP Employer Services report gave a lift to markets this morning as it highlights the creation of 206,000 new jobs in the U.S. for the month of November. This represents the largest increase of the year and comes on the heels of a 130,000 gain in October.
This Friday's Non-Farm Payroll report will be the real test but evidence suggests a slight improvement in the U.S. employment outlook. This also bodes well for consumer spending which has also improved in recent months.
“Things are getting better for the economy,” said Robert Brusca, chief economist at Fact & Opinion Economics in New York. “It means the news we have on Christmas shopping and on an increase in consumer confidence may have some validity.”
Source: Bloomberg
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