- ADP report shows job creation below expectations.
- April figures are revised downwards.
- The dollar does not register significant variations.
The ADP employment report showed that the private sector increased jobs in 128,000 during May, a figure that wasor below the market consensus of 300,000 and that it was less than 202,000 in April (revised from 247,000). May’s number was the lowest since 2020.
“In a context of a tight labor market and elevated inflation, monthly job creation rates are closer to pre-pandemic levels,” said Nela Richardson, chief economist at ADP. She explained that the hiring job growth rate has slowed across all industries and that small businesses remain a source of concern, “as they struggle to keep up with the larger companies that have been booming in recent years.” time.”
The dollar did not show significant variations after the ADP data. In minutes, the weekly report on unemployment subsidy requests will be published and on Friday it will be the turn of the official employment report with non-agricultural payrolls (consensus: 325,000) and the unemployment rate (3.5%).
Source: Fx Street
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