Wednesday, November 30, 2016

Blowout ADP Jobs Number: Hint To Friday: Bullish

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*ADP reported a big upside surprise of 216,000 new jobs versus a 165,000 expected.

*We wrote last week that we expected an upside surprise.

*Friday's jobs numbers though are what counts. If it reports similar then markets have further upside shorter term.

ADP reported 216,000 new jobs for November. That is a meaningful pickup. We had said last week that we expected upside in the jobs numbers. This coming Friday's non-farm payrolls ("NFP") is the main event. If it shows the type of gains ADP showed it is a very bullish stock market event.

Source: ADP

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