Aside from the softer ADP jobs report, which missed the mark, incoming U.S. data was upbeat on Wednesday, as services ISM and factory orders improved, the trade deficit narrowed, productivity was less-weak than forecasts, and unit labor costs rose. The dollar reacted negatively to the employment data, though recovered on the back of subsequent releases. Wall Street was not impressed, as it fell on the souring global growth outlook, while yields eased lower on safe-haven buying.
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