Unexpected Slowdown In Private Job Growth For January: 'The Economy Is Heading Towards A Soft Landing'
Portfolio Pulse from Piero Cingari
The ADP National Employment Report for January 2024 shows a slowdown in U.S. private sector job growth, with only 107,000 jobs added compared to December's 158,000. Wage growth also decelerated, with job stayers seeing a 5.2% increase and job changers a 7.2% increase, the smallest since May 2021. The services sector added 77,000 jobs, while goods-producing sectors added 30,000. Medium-sized businesses led with 61,000 jobs added. Stocks traded lower due to poor earnings from Alphabet Inc. (GOOGL) and Advanced Micro Devices Inc. (AMD). Investors await the FOMC meeting for monetary policy clues.
January 31, 2024 | 3:14 pm
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Advanced Micro Devices Inc. also reported disappointing earnings, affecting stock performance negatively.
Similar to Alphabet, AMD's disappointing earnings report is likely to have a negative short-term effect on its stock price due to reduced investor confidence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
NEGATIVE IMPACT
Alphabet Inc. reported disappointing earnings, contributing to lower stock trading early Wednesday.
Poor earnings reports typically lead to a negative short-term impact on a company's stock price as investor confidence may wane.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80