US: Private sector employment rises by 128K in May vs. 300K expected
|- ADP's estimate of US private sector employment change was a gain of 128K in May, below expectations.
- The buck weakened as a result, with the DXY edging to fresh session lows.
Private sector employment in the US rose by 128,000 in May according to US payroll company ADP's latest estimate of employment change released on Thursday. That was below expectations for 300,000 rise and lower than April's 247,000 gain.
Market Reaction
Though ADP has a patchy record in recent months in terms of predicting the official non-farm payroll change number, which is set to be released on Friday, the downbeat data has nonetheless weighed slightly on the US dollar in recent trade. The DXY dropped a couple of pips to hit fresh session lows in just above 102.10 in recent trade, but has since bounced a little.
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