No slowdown in US jobs growth

30 January 2019

The ADP National Employment Report is published monthly by the ADP Research Institute. The report provides an estimate of US non-farm employment based on payroll data. Since the report began to be published in 2006, its total private sector non-farm employment figures have exhibited a high correlation with the Bureau of Labor Statistics (BLS) non-farm payroll figures.

 The figures for January indicate private sector employment grew by 213,000, a figure which was higher than the expected figure of 190,000 but lower than December’s comparable increase of 263,000.

The report was overshadowed by the FOMC meeting and its subsequent rate-pause message and the report’s effect on bond yields was thus unclear. Treasury bond yields finished the day lower, especially at the short end. US 2-year Treasury bond yields were 6bps lower at 2.51%, 10-year yields were 4bps lower at 2.67% and 30-year bond yields slipped 1bp to 3.03%.