Breaking: US private sector employment rises by 428,000 in August vs. 950,000 expected
|Employment in the US' private sector rose by 428,000 in August, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.
This reading followed July's increase of 212,000 (revised from 167,000) and missed the market expectation of 950,000 by a wide margin.
Commenting on the data, “the August job postings demonstrate a slow recovery,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.”
Market reaction
The US Dollar Index retreated from daily highs on the disappointing data and was last seen gaining 0.28% on the day at 92.57.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.