US: ADP Employment Change rebounds to 156K in July vs. 150K expected
|- ADP reports 156K increase in private sector employment in July.
- June's reading gets revised up to 112K from 102K.
- Participants ignore the data as focus shifts to FOMC meeting.
The data published by the Automatic Data Processing (ADP) showed that employment in the private sector in July increased by 156,000 following June's 112,000 (revised up from 102,000) reading and surpassed the market expectation of 150,000.
The upbeat reading, however, failed to help the dollar gather strength as investors stay on the sidelines ahead of the FOMC's policy announcements later today. At the moment, the US Dollar Index is virtually unchanged on the day at 98.08.
Commenting on the data, "Job growth is healthy, but steadily slowing. Small businesses are suffering the brunt of the slowdown," said Mark Zandi, chief economist of Moody’s Analytics. "Hampering job growth are labor shortages, layoffs at bricks-and-mortar retailers, and fallout from weaker global trade.”
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