ADP released its private payroll data that seems to indicate better than expected jobs added. We should see a full picture for the labor market tomorrow when the jobs report comes out. As for today, based on the labor market, economy is still in pretty good shape. This piece of good news is viewed as fuel for the Feds' fight against inflation as it increases the possibility of continuing rate hikes. That was perhaps exacerbated by comments from some Federal Reserve officials that suggest target interest rate > 5% this year and staying there for a while. These factors perhaps contributed to all three major US indices finishing the day in solid red (notwithstanding the news about layoff at AMZN).
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