Correlation is not something to care about – investors are not scientists looking for rigorous proof that an economic indicator is a leading indicator
Low jobless claims in recent weeks imply a better chance of an upside surprise.is not something to care about – investors are not scientists looking for rigorous proof that an economic indicator is a leading indicator. ADP's private sector jobs report provides a shaky hint toward the official Nonfarm Payrolls publication. Nevertheless, it has an impact – providing traders an opportunity.
While the manufacturing sector is small in comparison to the services one, the stabilization of hiring in the industry is a positive sign, adding to the narrative that the weakest part of the economy is on a stronger footing. Gold suffers from higher yields, while stock market investors are wary of higher yields more than they are cheered by a stronger economy. The ADP's jobs report carries low expectations, and a series of upbeat figures imply a good chance of an upside surprise, supporting the. How long would such a Greenback rally go? The next data point is the ISM Services PMI, less than two hours after ADP. Markets may partially reverse any short-term move – gearing up for the next release.
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