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US ADP Results Show Strong Job Creation; Oil Prices Remain Near Multi-Year Highs

Published January 4, 2018
  • US ADP non-farm employment change showed a strong reading of 250,000 new payrolls versus an expected 191,000. Investors will look for tomorrow’s non-farm payrolls data from the US government to confirm this sizable uptick in job creation.
  • US unemployment claims came in slightly worse than expected at 250,000. The US dollar is holding onto tepid strength against the loonie as both currencies await further direction from data releases on Canadian employment change and trade balance, and average hourly earnings out of the US.
  • Minutes from the Federal Reserve’s December meeting showed that Fed officials remained divided on whether the Trump tax cuts would require the Central Bank to raise interest rates faster than expected in 2018.
  • Canadian data on RMPI, the month-on-month change in the price of raw materials purchased by manufactures, showed growth of 5.5%; data from the Canadian IPPI, the month-on-month change in the price of goods sold by manufacturers came in at 1.4%.
  • Oil prices hovered near levels not seen since the oil crash of 2014-2015 this morning. Prices continue to be supported by expectations of draw-downs in US oil supplies and ongoing tensions in Iran brought on by anti-government protests.
  • The euro zone finished 2017 strong by posting its highest growth levels in nearly seven years. Strength in services and manufacturing activity spurred growth in the EU, however, investors will look for confirmation of these trends in tomorrow’s data release on euro zone inflation.