US private sector employment rises 113,000 in October vs. 150,000 expected
- Private sector employment grew at a softer pace than expected in October.
- US Dollar Index stays in positive territory above 106.50.
Private sector employment in the US rose by 113,000 in October, the data published by Automatic Data Processing (ADP) showed on Wednesday. This reading followed the 89,000 increase recorded in September and came in below the market expectation of 150,000.
Assessing the findings of the survey, “no single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, chief economist ADP, and added: “In all, October's numbers paint a well-rounded jobs picture. And while the labor market has slowed, it's still enough to support strong consumer spending.”
The details of the report revealed that the annual pay was up 5.7% year-over-year in October.
Market reaction
The US Dollar showed no immediate reaction to these figures and the US Dollar Index was last seen gaining 0.15% on the day at 106.86.
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.
