The ADP National Employment Report is published monthly by the ADP Research Institute. The report provides an estimate of US non-farm employment 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 66,900 in November, below the expected figure of 140,000 and less than October’s revised increase of 121,400.
ANZ economist Hayden Dimes noted the increase was the smallest in the last six months and only half the expected figure. “All the new jobs were in the service sector; however, this sector is also slowing.”
US Treasury yields increased along the curve. By the end of the day, 2-year Treasury bond yields had gained 3bps to 1.57%, the 10-year yield had increased by 5bps to 1.77% while the 30-year yield finished 7bps higher at 2.23%.