- In addition to the slow October ADP print - 130K jobs added vs. 150K forecast - September is revised lower by 21K jobs to 145K.
- Even though ADP measures private sector jobs, October's print isn't exactly a "clean" one thanks to the government shutdown and its effect on the contractor industry. Still, the hiring trend this year is clearly on a downslope.
- Full report.
- Already higher on the day, Treasury prices are little-moved by the report. The 10-year yield remains off 2 basis points at 2.49%. TLT +0.1%.
- ETFs: TLH, TLT, IEF, DTYL, DLBL, ILTB, TENZ, ITE, TLO, EDV, VGIT, VGLT, TMF, TYD, LBND, UBT, UST, TMV, TYO, SBND, PST, TBT, DTYS, DLBS, TBF, TTT, TYNS, TYBS, TBX.
Private payroll growth in clear downtrend
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