US Private Payrolls Show Rebound
The rise indicated that the US labor market displayed early signs of recovery in recent weeks. In its previous report, ADP noted that US private payrolls had lost 13,500 jobs per week during the four weeks through Nov. 8.
Earlier this month, ADP reported an unanticipated monthly private nonfarm payroll drop of 32,000 for November, following gains in October.
Alternative datasets, such as those provided by ADP, have been helping fill gaps in the economic outlook, particularly as the ongoing government shutdown continues to delay official data releases.
Government agencies, including the bureaus of Labor Statistics and Economic Analysis, have updated their schedules, yet key metrics like the monthly total of nonfarm payrolls will not be published until December.
When the Federal Reserve convenes on Dec. 9-10, policymakers will face limited access to the usual datasets they rely on for economic forecasts.
Financial markets broadly anticipate a further 25 basis point rate cut by the central bank on Wednesday, as inflation appears to have eased slightly and the labor market has shown signs of softening over recent months.
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