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Jobs Report on Friday not Looking Pretty

 (Image source: Reuters)

According to ADP, the October jobs report will not be a pretty site. ADP is predicting only 130,000 private sector jobs would be added this month. The service sector accounted for most of the job creations, 106,000 positions added.  Economists were expecting ADP to show private sector job creation in the avenue of 150,000. The political brinkmanship in Washington was cited as a major cause for the slowdown in the pace of job creation, particularly the government shutdown, which caused employers to freeze hiring until the uncertainty was removed. But job creation was terrible before the government shutdown. Using the shutdown is just a poor excuse in my opinion. ADP’s outlook is yet another reminder that tapering will not occur this year. Shorting the dollar ahead of the jobs report on Friday would be a smart move.