The ADP National Employment Report is published monthly by the ADP Research Institute. The report provides an estimate of US non-farm employment based in the private sector. 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 which are typically published a day or two later.
The latest figures indicate private sector employment grew by 134,900 in September, a little below the expected figure of 138,000. The new figures represent a deterioration from August’s increase of 156,600 after it was revised down by 37,700.
NAB currency strategist Rodrigo Catril said “amid a heightened level of concern over the resilience of the US consumer, the soft report added another layer to the ongoing market uncertainty.”
US Treasury bond yields moved lower, especially at the short end where Federal Reserve policy has the greatest effect. By the end of the day, 2-year Treasury bond yields were 6bps lower at 1.48%, the 10-year yield had shed 4bps to 1.60% and the 30-year yield had slipped 1bp to 2.08%.