Friday November NFP Preview

Wednesday ADP nonfarm payrolls worst than expected, the private payroll report was not weak enough to really make Congress to act swiftly in providing immediate relief.  ADP’s employment change in November rose 307,000, less than the forecast of 430,000 and lower than the previous reading of 404,000.  

The ADP survey was taken after a surge in weekly jobless claims, so even though the private report has recently under-delivered job hiring compared to the non-farm payroll report.

Friday’s official NFP could provide a soft reading

The November nonfarm payrolls report will come out on Friday (21:30 hk/sg time) as recovery on America’s economic recovery from the pandemic appear to be slowing down. An expected cooling in jobs growth is likely to add pressure on the Federal Reserve to inject more monetary stimulus.

November Non-farm Payroll forecast at 500k previous at 638k