He private employment report published by ADP has revealed that 278,000 jobs were created in May, well above the 170,000 expected by the market. In April, 296,000 jobs were created, being the second strongest figure in May in the last ten months.
According to Automatic Data Processing (ADP) May “brought a flurry of hiring even as wage gains for those who switched jobs fell sharply.”
“The slowdown in wage growth gives the clearest signal of what is happening in the labor market right now. Employers hire aggressively, but hold back wage increases as workers leave. Our data also shows that fewer people are changing jobs,” he says. Nela Richardsonchief economist at ADP.
EUR/USD reaction
He EUR/USD it has fallen more than 15 pips on the news, sliding to 1.0684, still far from the day’s low of 1.0661. At time of writing, the pair is trading above 1.0685, losing 0.04% daily.
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.
