Analysts at ANZ offered the detail of the overnight US ADP report for March.
Key Quotes:
“Showed jobs rose 200k – a touch higher than expectations (195k) and confirming that the labour market remains robust. Revisions to February were minor at -9k, taking this measure of jobs growth in the month to 205k.”
“However, Yellen said yesterday that the real fed funds rate is low and consistent with further improvement in the labour market, so these data are not going to change sentiment much, if at all. That said, if the labour market stays this strong (i.e. employment growth of c. 200k per month) that would put the unemployment rate at 4.7% in late Q2 according to the Atlanta Fed’s jobs calculator.”
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