US companies added 217,000 workers in November, according to this morning’s update of the ADP Employment Report. The gain—the most since June—marks a modest improvement over October’s upwardly revised increase of 196,000. The faster rate of growth offers a degree of support for the government’s numbers that show a dramatic rebound in payrolls in October. But even after today’s upbeat release from ADP, the year-over-year trend continues to slip for this dataset.
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The expected risk premium for the Global Market Index (GMI) slipped in November, dipping closer to the recent low reached in September. GMI — an unmanaged, market-value weighted mix of the major asset classes — is projected to earn an annualized 3.3% return over the “risk-free” rate in the long term. (For details on the equilibrium-based methodology that’s used to generate the forecasts each month, see the summary below). Today’s revised estimate, which is based on data through last month, fell 10 basis points from the previous month’s update.
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● US ISM Mfg Index falls below neutral 50 level | Bloomberg
● PMI: US mfg growth dips to 2-year low | Markit
● US auto sales increased in Nov | Reuters
● US construction spending rises to 8-year high in Oct | USN&WR
● Eurozone inflation remains at 0.1% YoY in Nov | MarketWatch
● PMI: Slow global mfg growth ticks lower in Nov | Markit
● Considering zero growth to battle climate change | NY Times