Private wage data (ADP) was unsatisfactory, with ADP readings in October rising less than expected. This is a sign that there is a slow recovery in economic activity with declining fiscal stimulus and the Covid-19 pandemic infection soaring across the country.
Based on data released in the ADP Report on Wednesday, payroll in private sector employment increased by 365,000 jobs. This reading is far from the target of economists targeting an increase of 650,000 in October. The ADP data in September was revised showing 753,000 jobs added.
The presidential election has yet to get a result as some states need more time and maybe until tomorrow to decide the outcome of the vote. Trump from the very beginning has made a statement that he has won the presidential election.
The ADP report is released ahead of a more comprehensive employment report to be released on Friday. Reuters economists are targeting 7,000.00 more NFP jobs in October.
It is believed that the surge in pandemic infections across the U.S. states could have an impact on the labor sector. Investors are now awaiting a decision on whether Trump will succeed in maintaining his position or not.
