The Dow Jones (DJIA) is trading higher on Tuesday after ADP released a preliminary job growth estimate for national employment.
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For the four weeks ended November 22, U.S. private employers added an average of 4,750 jobs per week. ADP’s preliminary estimates, released weekly, are highly volatile and subject to revision. The payroll processing company previously reported that the U.S. private sector shed 32,000 jobs in November, badly missing the estimate for growth of 10,000 jobs.
Government Shutdown Delays Key Jobs Data
The government shutdown has had lingering effects on jobs data from government agencies in a period when the labor market has already been showing signs of softening. The Bureau of Labor Statistics (BLS) is set to release October and November’s nonfarm payrolls next Tuesday.
The data delay has left the Fed in the dark on key labor statistics used to guide monetary policy. The central bank will announce its rate cut decision on Wednesday, with investors expecting a 25 bps reduction.
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