Breaking: US private sector employment declines by 123K in December vs. +88K expected
|Employment in the US' private sector decreased by 123,000 in December, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.
This reading followed November's increase of 304,000 (revised from 307,000) and missed the market expectation of 88,000 by a wide margin.
Commenting on the data, "as the impact of the pandemic on the labor market intensifies, December posted the first decline since April 2020," noted Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "The job losses were primarily concentrated in retail and leisure and hospitality."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.13% on the day at 89.32. Meanwhile, the S&P 500 Futures are losing 0.31% at 3,707.
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