Employment in the US’ private sector rose by 2,369,000 in June, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.
This reading followed May’s increase of 3,065,000 (revised from -2,760,000) and came in worse than the market expectation of +3 million.
Commenting on the data, “Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses.”
The US Dollar Index largely ignored this data and was last seen gaining 0.16% on a daily basis at 97.55.
ADP NFP Quick Analysis: Low-hanging fruit bounce, not a recovery, S&P 500 rally seems unsustainable.
When an increase of over two million jobs – and an upward revision worth nearly six million – are shrugged off by markets, there is a greater issue. ADP, America’s largest payroll provider, reported an increase of 2.369 million private-sector positions in the US in June. Expectations were closer to three million, so the actual number missed expectations.
AUD/USD remains on the defensive, below 0.6900 mark post-US ADP report.
The AUD/USD pair held on to its mildly weaker tone near session lows, around the 0.6890-85 region, and moved little following the release of the US ADP report.