Breaking: US private sector employment rises by 174K in January vs. 49K expected

Eren Sengezer FXStreet

Employment in the US' private sector increased by 174,000 in January, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading beat the market expectation of 49,000 by a wide margin. Furthermore, December's reading got revised up to -78,000 from -123,000.

Commenting on the data, “the labor market continues its slow recovery amid COVID-19 headwinds,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Although job losses were previously concentrated among small and midsized businesses, we are now seeing signs of the prolonged impact of the pandemic on large companies as well.”

Market reaction

This report doesn't seem to be having an impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was posting small daily gains at 91.25.

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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