Breaking: US private sector employment rises by 428,000 in August vs. 950,000 expected

Eren Sengezer FXStreet

Employment in the US' private sector rose by 428,000 in August, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.

This reading followed July's increase of 212,000 (revised from 167,000) and missed the market expectation of 950,000 by a wide margin.

Commenting on the data, “the August job postings demonstrate a slow recovery,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.”

Market reaction

The US Dollar Index retreated from daily highs on the disappointing data and was last seen gaining 0.28% on the day at 92.57.

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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