US ADP private sector employment rises 122,000 in July vs. 150,000 expected
|- Private sector employment in the US rose less than expected in July.
- US Dollar Index stays in negative territory near 104.00.
Private sector employment in the US rose 122,000 in July and annual pay was up 4.8% year-over-year, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 155,000 increase (revised from 150,000) recorded in June and came in below the market expectation of 150,000.
Commenting on the survey's findings, "with wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation," said Nela Richardson, chief economist, ADP. “If inflation goes back up, it won't be because of labor.”
Market reaction
The US Dollar Index edged slightly lower with the immediate reaction and was last seen losing 0.37% on the day at 104.06.
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