US ADP Employment Rises 98K in June, Misses Expectations
Private sector employment in the US increased by 98,000 in June, below the market forecast of 113,000 and down from May's revised 122,000 gain, according to ADP data.
The Automatic Data Processing (ADP) reported that US private sector employment grew by 98,000 in June, missing the consensus estimate of 113,000. This follows a 122,000 increase in May, indicating a slowdown in labor market momentum.
The data suggests the US labor market is cooling more than economists anticipated. Such numbers often influence Federal Reserve policy expectations, with softer hiring figures potentially supporting a less aggressive rate stance.
Traders now focus on Friday's official nonfarm payrolls report for further confirmation of the trend.
Source: FXStreet Forex News