Private sector employment in the United States increased by 99,000 in August, according to the report by Automatic Data Processing (ADP) on Thursday. This figure fell significantly below the market expectation of 145,000 and represents a slowdown compared to the revised 111,000 job growth reported in July.
"The job market's downward drift brought us to slower-than-normal hiring after two years of outsized growth," noted Nela Richardson, ADP’s chief economist. She also highlighted that wage growth, which has been a focal point post-pandemic, is now stabilizing.
Market Reaction Following the release of this disappointing data, the US Dollar experienced selling pressure, with the US Dollar Index (DXY) slipping by 0.23% to 101.05 as of press time. Traders are keeping an eye on wage growth trends and further labor market reports for more economic clarity.
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