Breaking: US private sector employment rises by 568K in September vs. 428K expected

FXStreet Team FXStreet

Employment in the US' private sector rose by 568,000 in September, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. This reading came in stronger than the market expectation for an increase of 428,000. Meanwhile, August's print got revised down to 340,000 from 374,000.

Commenting on the data, "the labor market recovery continues to make progress despite a marked slowdown from the 748,000 job pace in the second quarter,” said Nela Richardson, chief economist, ADP. "Current bottlenecks in hiring should fade as the health conditions tied to the COVID-19 variant continue to improve, setting the stage for solid job gains in the coming months."

Market reaction

The greenback continues to outperform its rivals after the ADP jobs report and the US Dollar Index was last seen rising 0.4% on a daily basis at 94.35.

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