FXstreet.com

2

0

US: Update ADP Employment Report

Thu, Nov 5 2009, 13:33 GMT
by BBVA Bancomer Team

BBVA Bancomer


According to the ADP National Employment Report, private non-farm payrolls dropped 203K jobs in October, fewer than the 227K jobs shed in September. While this is the smallest number of job losses since July 2008, it is also the twenty-first consecutive monthly decline.

Job losses slowed to 117K from 146K in the goods producing sector, but rose to 86K from 81K in the services sector. Meanwhile losses slowed across firms of all sizes. Job destruction eased to 53K from 56K in large firms, 75K from 85K in medium companies and 75K from 90K in small businesses.

Bottom-line: The ADP Employment Report indicates that job destruction is slowing as expected, but that losses will continue throughout the beginning of the recovery. Furthermore, the ongoing weakness in the labor market could keep consumer spending subdued. Given today’s results, we maintain our expectation that the decline in non-farm payrolls will slow in Friday’s Employment Situation report.

Published on  Thu, Nov 5 2009, 13:35 GMT

BBVA Bancomer  | Av. Universidad 1200 Col. Xoco México 03339 D.F.
http://www.bancomer.com/economica | e.economicos@bbva.bancomer.com

Legal disclaimer and risk disclosure

This document was prepared by Banco Bilbao Vizcaya Argentaria’s (BBVA) Research Department on behalf of itself and its affiliated companies (each a BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. The information, opinions, estimates and forecasts contained herein refer to that specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.

Related reports

Intraday Forex Technical Report - U.S. Update: More dollar corrections by FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 16:15 GMT

Weekly Market Commentary - The trend to lower interest rates continues by Mizuho Corporate Bank
Fri, Nov 20 2009, 15:48 GMT

European Market Update - Greece releases its final 2010 budget by TradeTheNews.com
Fri, Nov 20 2009, 11:30 GMT

Euro Inflation Update - In November, the eurozone inflation rate will turn again positive by UniCredit Group
Fri, Nov 20 2009, 11:26 GMT

Daily Forex Overview by Dukascopy Swiss FX Group
Fri, Nov 20 2009, 11:08 GMT

employment, indicator, adp, us

View All

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
IG Markets
Contact the broker/FDM
Open a demo account		Forex Club Financial Company
Contact the broker/FDM
Open a demo account		MF Global FXA Securities Ltd.
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.