Job Data Heralds Gloomy 1Q — Market Talk

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Job Data Heralds Gloomy 1Q — Market Talk

Worse-than-expected ADP jobs report sets “a dismal outlook for the 1Q,” Spartan’s Peter Cardillo says. ADP reports that the US private sector shed 123K jobs in December, versus consensus forecast of an increase by 60K. “Covid-19 surge is weighing on the labor market, especially the service sector,” Cardillo says. He expects an uptick in the Labor Department’s nonfarm payrolls on Friday, “but the 200K plus call is likely to be closer to up 45K,” adding gloom to the quarter, he says.