Breaking: Private sector employment rises by 132,000 in August vs 288,000 expected, Pivot & Orderbook analysis
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The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 132,000 in August. This reading came in weaker than the market expectation for an increase of 288,000.
Commenting on the report, “our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said Nela Richardson, chief economist, ADP. “We could be at an inflection point, from super-charged job gains to something more normal.”
“Year-over-year change in annual pay was 7.6% in August, in line with monthly readings since Spring 2022,” the ADP’s publication further read. “In early 2021, annual pay increases were running at about 2%. While the pace of pay increases is elevated, its growth has flattened.”
With the initial market reaction, the US Dollar Index edged lower and was last seen trading flat on the day at 108.85.
Developing story…
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