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Fourth Quarter GDP Contracts and Stocks Dive
It was a very busy day on the economic and earnings front in the US. In the morning the ADP Research Institute released its private payrolls report from the month of January. Businesses added 192 000 jobs up from December's lower revised report of 185 000 payrolls. Economists were forecasting a gain of 165 000. It is worth noting that the government's nonfarm payroll report showed a gain of 192 000 payrolls in December so the ADP's new methodology has continued to show more relevance to the government reports. The other major US data point was the GDP growth ...
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