ADP Jobs Report Misses Estimates

The ADP National Employment Report was released this morning and showed that payrolls grew by 307k last month. This was well short of the 440k that was forecast while October’s count of 365k was revised to 404k. On Friday, the Bureau of Labor Statistics will release its Jobs Report for November and is expected to show that 486k jobs were added.

After yesterday’s sell-off pushed the Ten-Year’s yield up to 94 basis points amid vaccine-fueled recovery hopes and the renewed possibility of a fiscal stimulus package before year’s end, prices are little changed in this morning’s early trading. Out of the United Kingdom, it was reported earlier today that the nation’s drug regulator has given its approval for Pfizer’s new COVID-19 vaccine to be distributed. Domestically, the FDA is expected to give its approval later this month.

Meanwhile, with bond prices holding steady so far, equity indices are a bit in the red while gold is up about $7 to $1,822. Crude oil has slipped to around $44.30. Fed Chairman Jerome Powell will complete his legislative testimony today with an appearance before the House Banking Committee where he is likely to lobby for more fiscal stimulus.