US: Private sector employment rises by 127,000 in November vs. 200,000 expected
|- Private sector employment in the US rose less than expected in November.
- The US Dollar Index stays in negative territory below 106.50.
The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 127,000 in November. This reading came in weaker than the market expectation for an increase of 200,000. The publication further revealed that annual pay was up 7.6% on a yearly basis in November.
Assessing the findings of the report, "turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, chief economist, ADP. "In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.”
Market reaction
The US Dollar Index stays on the back foot following this data and it was last seen losing 0.4% on the day at 106.42.
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