US ADP private sector employment increases 152,000 in May vs. 173,000 expected
|- Private sector employment in the US rose less than expected in May.
- US Dollar Index continues to fluctuate above 104.00.
Private sector employment in the US rose by 152,000 in May and annual pay was up 5%, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 188,000 increase (revised from 192,000) recorded in April and came in below the market expectation of 173,000.
Commenting on the report's findings, "job gains and pay growth are slowing going into the second half of the year," said Nela Richardson, chief economist, ADP. "The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers."
Market reaction
This report failed to trigger a noticeable market reaction. At the time of press, the US Dollar Index was up 0.12% on the day at 104.27.
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