Market Drivers – European Session 30-3-2022

Private sector employment in the US rose by 455,000 in March, ever so slightly above the 450,000 expected gain, according to US payroll company ADP’s latest estimate of national employment change released on Wednesday. The broadly in line with expected ADP data will instill confidence that Friday’s official jobs report will be strong and the official non-farm payroll number will be healthy. That said, ADP has had a poor track record of predicting the official NFP number in recent years and should be taken with a grain of salt.

The final estimate of US GDP growth in Q4 2021 showed that the US economy grew at a pace of 6.9% annualized during the quarter, data published by the US Bureau of Economic Analysis (BEA) on Wednesday showed. Personal Consumption Expenditures Prices rose at an annualized pace of 6.4% during the quarter, a little above the expected 6.3% reading, whilst the GDP Price Index had prices rising at a pace of 7.1% annualized during the quarter, a little below the 7.2% expected.