Breaking: US ADP Employment Change arrives at -2.76 million in May vs. -9 million expected
|Employment in the US' private sector declined by 2,760,000 in May, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading came in much better than the market expectation for a decrease of 9,000,000.
Further details of the publication revealed that April's reading of -20,236,000 got revised to -19,557,000.
Commenting on the data, “The impact of the COVID-19 crisis continues to weigh on businesses of all sizes,” said Ahu Yildirmaz, co-head of the ADP Research Institute. “While the labor market is still reeling from the effects of the
pandemic, job loss likely peaked in April, as many states have begun a phased reopening of businesses.”
Market reaction
The US Dollar Index largely ignored this data and was last seen losing 0.13% on the day at 97.55.
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ADP NFP Quick Analysis: Too good to be true? That is unlikely to stop markets, nor help the dollar.
ADP, America's largest payrolls' provider, published another devastating jobs report – 2.76 million jobs were lost in May. However, that is far better than a plunge of nine million that was on the cards.
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