Private sector increases employment by 365,000 in October according to ADP, below expectations of 650,000

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The ADP’s private sector payroll report showed a positive change in employment of 365,000, figure below the market consensus of 650,000. In September, the rise of 753,000, revised up from 749,000.

“The labor market continued to add jobs, at a lower rate,” said AhuYildirmaz, vice president and co-head of ADP Research Institute. He clarified that although the rate is lower, there was job creation in all industries and in companies of all sizes.

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The data slightly weakened the dollar in the market. The focus is still on the vote count as the election has not yet been defined. In terms of data, the economic calendar shows that figures for the September trade balance, the final reading of the Markit PMI for October and the October service sector ISM. Another key event is that the two-day meeting of the Federal Reserve begins today.


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Credits: Forex Street

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