US: ADP employment and nonfarm productivity in focus – TDS

Analysts at TDS suggest that US ADP employment for November will provide the highlight of a otherwise subdued data calendar today.

Key Quotes

“The market is looking for a 190k increase in private payrolls, which represents a pullback from 235k in October, though we believe nonfarm payrolls will be even weaker (published Friday).”

“The second print of Q3 nonfarm productivity and unit labour costs are the only other data releases scheduled; the market consensus is for an upward revision to productivity (3.3% from 3.0%) while the 0.5% q/q increase in unit labor costs is expected to be revised lower to 0.2%.”

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