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- US: ADP Employment Change rises 239K in October vs. 193K expected
US: ADP Employment Change rises 239K in October vs. 193K expected
- Employment in US private sector rose more than expected in October.
- US Dollar Index stays in negative territory below 111.50.
The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 239,000 in October. This reading came in better than the market expectation of 193,000. September print of 208,000 got revised down to 192,000.
Commenting on the data, "this is a really strong number given the maturity of the economic recovery but the hiring was not broadbased,” said Nela Richardson, chief economist, ADP.
"Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains," Richardson added. "While we’re seeing early signs of Fed-driven demand destruction, it’s affecting only certain sectors of the labor market."
Market reaction
The US Dollar Index showed no immediate reaction to this data and was last seen losing 0.22% on the day at 111.30.
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