All articles tagged with #adp employment
U.S. private-sector employment rose by 90,000 in September, significantly exceeding forecasts and reversing a three-month slowdown. The rebound, led by healthcare and leisure, suggests the labor market is stabilizing, which complicates Federal Reserve rate-cut expectations amid persistent inflation. The data pressured gold prices, which remained near $4,184 per ounce.
US stock indices posted monthly losses in September as rising Treasury yields pressured valuations. The 10-year yield reached 5.293%, its highest since 2007, while the 30-year mortgage rate hit 7.58%, the highest since November 2023. ADP reported 90,000 private sector jobs were added in September, exceeding expectations. Boeing shares rose after securing a $20 billion contract for next-generation fighter jets, while Moderna fell following a Citi downgrade. Asian markets showed mixed performance, with Japan's Nikkei 225 rising nearly 2% and South Korea's Kospi falling 0.5%.
Mortgage rates pulled back roughly halfway from two-week highs after stronger ADP payrolls and a robust ISM Services report, with the 30-year fixed around 6.13% as inflation signals cooled and traders waited for further clarity.
The ADP jobs report indicates a sluggish labor market with modest job gains and rising jobless claims, supporting market expectations of three Federal Reserve rate cuts this year, despite little market reaction to the data.