The private employment report prepared by Automatic Data Processing (ADP) has shown figures much lower than estimated. USA generated 89,000 private jobs in September, well below the 153,000 expected. This is the slowest pace of growth in job creation on record since January 2021.
The positive part is that the August figure has been revised upwards, going from 177,000 jobs to 180,000.
According to the statement, large companies drove the slowdown, losing 83,000 jobs and nullifying the gains made in August.
According to Nela Richardson, chief economist at ADP: “We have been seeing a steeper decline in employment this month. Additionally, we are seeing a steady decline in wages over the past 12 months.”
He Dollar Index (DXY) has lost more than 20 points after the data, sliding to 106.59, its lowest price since Monday. At the time of writing, the greenback is trading above 106.71, losing 0.34% 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.