- US private sector employment rose less than expected in July.
- The Dollar Index remains in negative territory near 104.00.
U.S. private-sector employment rose by 122,000 jobs in July and annual wages rose 4.8% year-over-year, Automatic Data Processing (ADP) reported on Wednesday. This reading followed an increase of 155,000 (revised from 150,000) in June and was below the market expectation of 150,000.
Commenting on the survey findings, “With wage growth slowing, the labor market is aiding the Federal Reserve’s effort to curb inflation,” said Nela Richardson, chief economist at ADP. “If inflation does rise again, it won’t be because of jobs.”
Market reaction
The Dollar Index edged lower on the immediate reaction and was last seen losing 0.37% on the day at 104.06.
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.
