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Breaking News!: Employment in the US private sector increases by 177,000 people in August, compared to the 195,000 expected

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

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