Breaking: US private sector adds 167,000 jobs in July vs. 1.5 million expected

Eren Sengezer FXStreet

Employment in the US' private sector rose by 167,000 in July, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading came in much worse than the market expectation for an increase of 1.5 million.

Further details of the report revealed that June's reading of 2.36 million got revised up to 4.3 million.

Commenting on the data, “the labor market recovery slowed in the month of July,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We have seen the slowdown impact businesses across all sizes and sectors.”

Market reaction

The US Dollar Index edged lower with the initial reaction and was last seen losing 0.46% on a daily basis at 92.84.

US Data Analysis: Big jobs number? Negative NFP looks more likely, trends could extend in gold, dollar.

"Big jobs number on Friday" – said President Donald Trump to Fox News and the public ahead of July's all-important Non-Farm Payrolls report.

It doesn't look that way – the NFP could be a small number or even negative.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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