US private sector employment rises 107,000 in January vs. 145,000 expected
|- Private sector employment grew at a softer pace than expected in January.
- US Dollar Index continues to fluctuate near 103.50 ahead of the Fed policy announcements.
Private sector employment in the US rose by 107,000 in January, while annual pay was up 5.2% year-over-year, the data published by Automatic Data Processing (ADP) showed on Wednesday. This reading followed the 158,000 increase (revised from 164,000) recorded in December and came in below the market expectation of 145,000.
Commenting on the survey's findings, "progress on inflation has brightened the economic picture despite a slowdown in hiring and pay," said Nela Richardson, chief economist, ADP. "Wages adjusted for inflation have improved over the past six months, and the economy looks like it's headed toward a soft landing in the US and globally."
Market reaction
This report don't seem to be having a noticeable impact on the US Dollar's valuation ahead of the Federal Reserve's highly-anticipated monetary policy announcements. At the time of press, the US Dollar Index was virtually unchanged on the day at 103.42.
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