US: Private sector employment rises by 534K in November vs. 525K expected
|Employment in the US private sector rose by 534,000 in November, monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. That was slightly above median economist forecasts for a rise in employment of 525,000 and marked a slight decline in the pace of job gains versus October when 571,000 jobs were added.
According to Nela Richardson, chief economist at ADP, "the labor market recovery continued to power through its challenges last month. "November’s job gains bring the three-month average to 543,000 monthly jobs added" she continued, "a modest uptick from the job pace earlier this year. Job gains have eclipsed 15 million since the recovery began, though 5 million jobs short of pre-pandemic levels". Furthermore, she added, "service providers, which are more vulnerable to the pandemic, have dominated job gains this year... It’s too early to tell if the Omicron variant could potentially slow the jobs recovery in coming months".
Market Reaction
The DXY saw a few negative ticks in response to the stronger than expected report, slipping under 96.00. The index continues to trade broadly flat on the day ahead of the release of the ISM manufacturing PMI survey at 1500GMT and the second day of Fed Chair Jerome Powell's Congressional testimony, which starts around a similar time.
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