Private sector employment in the US increased by 122,000 in July, falling short of the market expectation of 150,000, according to the latest report from Automatic Data Processing (ADP). This figure is also lower than the revised increase of 155,000 recorded in June.
Nela Richardson, ADP's chief economist, noted that the labor market's performance aligns with the Federal Reserve's efforts to curb inflation. "With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation. If inflation goes back up, it won't be because of labor,” Richardson stated.
The report also highlighted a 4.8% year-over-year increase in annual pay for private sector employees.
Following the release of the ADP employment data, the US Dollar Index saw a slight decline, trading down 0.37% on the day at 104.06.
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