US: ADP report appears consistent with forecast of 200k for NFP - Nomura

According to ADP, private payrolls increased 250k in December, above expectations (Nomura: 185k, Consensus: 190k) and showed broad-based strength across goods-producing and service-providing sectors, points out the research team at Nomura.

Key Quotes

“In particular, mining (+3k), construction (+16k) and manufacturing (+9k) all increased. On the service side, information (-4k) was the only industry reporting an employment decline. Trade, transportation & utilities increased strongly by 45k, possibly related to a busier-than-usual holiday season. Overall, the ADP report appears consistent with our forecast of 200k for nonfarm payroll employment gains in the BLS employment report released today.”