Private-sector jobs in the US posted another solid advance in October, according to this morning’s release of the ADP Employment Report. In line with expectations, companies added a net 230,000 positions last month on a seasonally adjusted basis, a bit more than September’s healthy 225,000 increase. More importantly, the year-over-year trend for ADP’s payrolls data inched higher again. The slightly stronger annual pace follows a similar pattern in the government’s data through September. Is the long-awaited acceleration in job growth finally here? Friday’s update from the Labor Department may provide an answer. Meantime, the case for thinking positively is on the march.
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The Republican brand is up this morning and Mr. Market’s stress level is down. Is there a connection? Probably not, but for the moment the pairing is conspicuous. Then again, if the GOP has a pro-growth agenda that makes a difference in the real economy, well, maybe there’s a degree of logic behind the market’s bullish makeover of late. We’ll see. In any case, Republicans took control of the US Senate and extended their hold on the House of Representatives in yesterday’s election. Meantime, last month’s surge in volatility continues to subside as of yesterday (Nov. 4).
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● Republicans win Senate control | The Hill
● Will a GOP Election Win Bring Back Fiscal Headwinds? | Fiscal Times
● Euro zone Sept retail sales much weaker than expected | Reuters
● US Factory orders slip in September | USA Today
● US Trade Gap Widens on Drop in Exports | Wall St Journal
● UK Services Index Slumps to 17-Month Low as Economy Cools | Bloomberg