Reuters: US private payrolls added 4,750 jobs per week in the four weeks through Nov. 22, rebounding from previous losses, according to a preliminary estimate released Tuesday by market research firm ADP. The increase suggested that the US labor market showed signs of recovering in the past few weeks. In the previous report, ADP said US private payrolls lost 13,500 jobs per week in the four weeks through Nov. 8.
Earlier this month, ADP reported an unexpected monthly private nonfarm payroll decline of 32,000 for November after a rise in October.
Alternative data, such as ADP’s, has been filling in the gaps in the economic picture, while the government shutdown continues to affect data releases.
Schedules have been updated by government organizations like the bureaus of Labor Statistics and Economic Analysis, but important figures like the monthly total of nonfarm payrolls will not be available until December.
When the Federal Reserve meets again on Dec. 9-10, policymakers will not have much of the typical data they use to make projections.
The markets widely expect another 25 basis point rate cut on Wednesday by the central bank, as the inflation seemed to be slightly tamed and labor market showed signs of weakening in the past few months.
