PANews reported on December 3rd, citing CNBC, that the slowdown in the US labor market intensified in November. ADP reported on Wednesday that private companies laid off 32,000 workers that month, with small businesses being the hardest hit. As market concerns about the domestic employment situation intensified, the ADP data showed the problem was more severe than expected. This wage decline report marks a sharp deterioration in the job market compared to October (October's data was revised upwards to an increase of 47,000 jobs), and is far below the 40,000 increase predicted by economists surveyed by Dow Jones. This ADP report is the last employment data the Federal Reserve will receive before its December interest rate decision. Although some officials have doubts about whether further easing is needed, futures traders still believe there is a nearly 90% probability that the Fed will cut its key interest rate by another 25 basis points.PANews reported on December 3rd, citing CNBC, that the slowdown in the US labor market intensified in November. ADP reported on Wednesday that private companies laid off 32,000 workers that month, with small businesses being the hardest hit. As market concerns about the domestic employment situation intensified, the ADP data showed the problem was more severe than expected. This wage decline report marks a sharp deterioration in the job market compared to October (October's data was revised upwards to an increase of 47,000 jobs), and is far below the 40,000 increase predicted by economists surveyed by Dow Jones. This ADP report is the last employment data the Federal Reserve will receive before its December interest rate decision. Although some officials have doubts about whether further easing is needed, futures traders still believe there is a nearly 90% probability that the Fed will cut its key interest rate by another 25 basis points.
The slowdown in the US labor market intensified in November.
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PANews reported on December 3rd, citing CNBC, that the slowdown in the US labor market intensified in November. ADP reported on Wednesday that private companies laid off 32,000 workers that month, with small businesses being the hardest hit. As market concerns about the domestic employment situation intensified, the ADP data showed the problem was more severe than expected. This wage decline report marks a sharp deterioration in the job market compared to October (October's data was revised upwards to an increase of 47,000 jobs), and is far below the 40,000 increase predicted by economists surveyed by Dow Jones. This ADP report is the last employment data the Federal Reserve will receive before its December interest rate decision. Although some officials have doubts about whether further easing is needed, futures traders still believe there is a nearly 90% probability that the Fed will cut its key interest rate by another 25 basis points.
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