Wednesday, January 07, 2009

ADP Employment Index Collapses

The ADP Employment number came out this morning and was much worse then expected. -693k after an expected -495k. The revision from last month was -476k after an initial report of -250k. This has led to an worse number expected when U.S. Non Farm Payrolls are reported on Friday. The previous estimate was for -500k but now I am hearing expectations of between 750-1000k. I think that horrible numbers will be built in and a rally may ensue after the reported number.

Good Luck and Good Currency Trading



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