๐จ Urgent: Shocking data from the US labor market
Private sector jobs according to ADP declined by about โ32,000 in November compared to expectations of only +5,000, marking the biggest signal of a slowdown in the labor market and a return to weakness after the recovery in October.
๐ Small businesses lost โ120,000 jobs
๐ Biggest drop since March 2023
๐ Losses in professional services, information, manufacturing, and finance sectors
๐งพ Wages slowed to 4.4% annually
This data comes before the Federal meeting on December 9โ10...
And the markets are now pricing in a 90% chance of a quarter-point rate cut.
The market is entering a very sensitive phase before the Federal decision.