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- US: Private sector employment rises 497,000 in June vs. 228,000 expected
US: Private sector employment rises 497,000 in June vs. 228,000 expected
- Employment in the US private sector rose sharply in June.
- US Dollar Index recovered above 103.00 after the upbeat data.
Private sector employment in the US rose 497,000 in June, the data published by Automatic Data Processing (ADP) showed on Thursday. This reading marked the largest one-month increase since February 2022 and surpassed the market expectation for an increase of 228,000 by a wide margin.
Assessing the findings of the report, “consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.”
"Job stayers saw a year-over-year pay increase of 6.4 percent, down from 6.6 percent in May," the ADP further noted in its publication. "For job changers, pay gains slowed for the 12th straight month, to 11.2 percent, the slowest pace of growth since October 2021."
Market reaction
The US Dollar gathered strength against its rivals on the upbeat ADP jobs report and the US Dollar Index recovered above 103.20 from below 103.00 ahead of the data.
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