US job­less re­port seen hold­ing

Financial Mirror (Cyprus) - - FRONT PAGE -

The U.S. Depart­ment of Labour will re­lease the Em­ploy­ment Sit­u­a­tion re­port for Novem­ber on Fri­day morn­ing, hot on the heels of a pos­i­tive ISM man­u­fac­tur­ing re­port but ris­ing weekly job­less claims over the past month. This is one of the most widely fol­lowed eco­nomic re­ports each month by in­vestors, traders, econ­o­mists, business own­ers and even by politi­cians.

The ISM Man­u­fac­tur­ing Re­port on Business showed that the Em­ploy­ment In­dex grew for the 17th con­sec­u­tive month, reg­is­ter­ing 54.9% in Novem­ber, a de­crease of 0.6 points be­low the Oc­to­ber read­ing of 55.5%. Econ­o­mists ex­pect the un­em­ploy­ment rate to hold con­sis­tent with its Oc­to­ber read­ing of 5.8%. In Oc­to­ber the largest job growth was in food ser­vices, drink­ing places, re­tail trade and health care. Em­ploy­ment showed lit­tle change in log­ging, min­ing, whole­sale trade, in­for­ma­tion, fi­nan­cial ac­tiv­i­ties and gov­ern­ment.

ADP’s Em­ploy­ment re­port for Novem­ber will come out on Wed­nes­day. It has a con­sen­sus es­ti­mate of 225,000 and the pre­vi­ous read­ing was 230,000. In Oc­to­ber, the ADP re­port sug­gested that small busi­nesses added 102,000 jobs, fol­lowed by a gain of 122,000 for medium busi­nesses and a gain of 5,000 from large busi­nesses. Ser­vice-pro­vid­ing em­ploy­ment rose by 181,000 jobs in Oc­to­ber.

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