Employment in the US private sector increased by 177,000 people in August, according to data released Wednesday by Automatic Data Processing (ADP). This figure follows the increase of 371,000 (revised from 324,000) registered in July and stands below market expectations, which expected 195,000.
“Those remaining in employment saw a 5.9% year-on-year wage increase, the slowest growth since October 2021“, the ADP has also pointed out in the press publication and has said that wage growth also slowed to 9.5% for job changers.
Assessing the report, “this month’s figures are consistent with the pace of job creation prior to the pandemic“, said Nela Richardson, chief economist at ADP.
“After two years of exceptional recovery-related gains, we are moving towards more sustainable wage and employment growth as the economic effects of the pandemic recede“, has added.
Market reaction
The US dollar has come under modest selling pressure in immediate reaction to the ADP jobs data. At rewrite, the DXY Dollar Index is down 0.1% on the day at 103.38.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
