ADP estimates an increase of 517,000 jobs, The bond market didn't budge
|Hot and Cold
ADP forecasts run hot and cold as measured by prediction vs actual results. But this time the ADP forecast and the consensus estimates for the BLS report essentially match.
The Bloomberg Econoday consensus estimate for ADP was 500,000 jobs in a range of 260,000 to 775,000.
The consensus estimate for the BLS jobs report itself is 625,000 in a range of 439,000 to 1,000,000.
Other Predictions
Predicting Predictions
The 500,000 consensus estimate for the forecast nearly matched the 517,000 number ADP did forecast.
Does anyone else find it amusing to be predicting predictions?
Bond Market Reaction
- 3-Month Bill: Flat
- 5-Year Note: Flat
- 10-Year Note: Flat
- 30-Year Long Bond: Flat
Setting aside philosophical questions regarding predicting predictions, 517,000 would be a very strong report that could easily had an impact on the bond market.
Instead, yields didn't budge.
Is a strong jobs market already priced into bond?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.