The ADP employment report it showed job creation well below expectations, which put downward pressure on the dollar in the market. The private sector, always according to ADP, reported an increase in jobs of 330,000 in July, lower than the 695,000 of the market consensus. By June they had risen by 680,000, revised from 692,000. It is the lowest reading in the last five months.
Nela Richardson, chief economist at ADP says that the labor market recovery remains uneven, but keep progressing. “Data for July report a marked slowdown compared to the second quarter in terms of job creation,” he added.
The dollar backtracked after the data. The report will be published later ISM service sector and on Friday it will be the turn of the official employment report with non-farm payrolls.
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