ADP still showing steep job losses
The ADP national employment report showed job losses still huge in August, though better than July and the smallest decline it’s recorded since September 2008.
Though it came in worse than expected, markets aren’t doing a whole lot with the data, with Treasuries hovering around the unchanged mark and stocks down only slightly.
From the report:
Employment losses are clearly diminishing. Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is still likely to decline for at least several more months, albeit at a diminishing rate.
It’s starting to look like the markets are ignoring the data. Yesterday, it was ISM that got the cold shoulder, now jobs data. It could also be the time of year, which means just wait until after Labor Day for the fun to begin.