Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Strong ADP jobs data

While you were sleeping: Strong ADP jobs data

Jan 9 (BusinessDesk) – Wall Street was mixed as solid private jobs data heightened anticipation for the minutes of last month’s Federal Reserve meeting, scheduled to be released later today, to gauge the odds the improving labour market will accelerate the pace of tapering.

In afternoon trading in New York today, the Dow Jones Industrial Average fell 0.48 percent. The Standard & Poor’s 500 Index was steady. The Nasdaq Composite Index rose 0.33 percent. Shares of AT&T and Walt Disney fell, down 1.9 percent and 1.8 percent respectively, leading the Dow lower.

US companies added 238,000 jobs in December, the largest increase since November 2012, and following an upwardly revised 229,000 in November.

“It’s a good number,” Ryan Larson, the Chicago-based head of US equity trading at RBC Global Asset Management (US), told Bloomberg News. “It continues to confirm an improving employment picture.”

The ADP data raised expectations for the monthly government employment report, due to be released on Friday, as well as the overall recovery in the world’s largest economy.

"We're now going to start to see an economic recovery more typical of the economic recoveries we've seen historically," Mark Zandi, chief economist at Moody's Analytics, which jointly develops the report with payrolls processor ADP, told Reuters. "It feels like the jobs market has kicked into a higher gear."

After the last Fed meeting, policy makers said they would cut back the central bank’s monthly bond-buying program to US$75 billion this month, from US$85 billion previously, and investors are keen to read more details on that decision.

"Everyone wants to see what was behind the curtain of the last Fed meeting, to see what parameters were discussed with the taper or rates," Paul Nolte, managing director at Dearborn Partners in Chicago, told Reuters.

Shares of JC Penney sank, last down 8.2 percent, after the department store retailer said in a statement that it was "pleased" with its holiday sales performance, but stopped short of providing details on those sales.

In Europe, the Stoxx 600 Index ended the day with a 0.1 percent increase from the previous close. Germany’s DAX fell 0.1 percent, while the UK’s FTSE 100 dropped 0.5 percent.

Unemployment in the euro zone held steady at 12.1 percent in November, a report showed today. Separately, German factory orders increased a better-than-expected 2.1 percent, which bolstered optimism about the euro-zone’s engine economy.

“The signs are that Germany’s economy will keep expanding strongly in the first half of 2014,” Stefan Muetze, an economist at Helaba in Frankfurt, told Bloomberg News. “That’s good for the entire euro area and will support the region’s recovery this year.”

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news