Risks Skewed for a Soft Payroll Report

ADP and Challenger data set up for a soft payroll report

Highlights

• ADP and Challenger data set up for a soft payroll report

• Structural tailwinds support the Utilities sector

• Weaker productivity means a lower R-star in Canada

• Research shows policy lags are longer during bull markets

While We Were Sleeping

Markets are in consolidation mode ahead of today’s critical U.S. employment report (very good column on page 9 …