US Private Sector Hiring Slows: ADP 4-Week Average Drops to 16.5K
The four-week moving average of US private-sector job gains fell to 16,500 in early July, indicating further cooling in the labor market according to the ADP National Employment Report's weekly companion.
The pace of private-sector hiring in the US has continued to decelerate in the first weeks of July. Data from the NER Pulse, the weekly companion to the ADP National Employment Report, showed that companies added an average of 16,500 jobs per week over the four weeks ending July 11.
This reading marks a decline from previous periods and signals a softening in labor demand. The ADP report, which is released monthly, is closely watched for early clues on the official nonfarm payrolls data.
The cooling trend may influence expectations for the Federal Reserve's monetary policy path, as a slower jobs market could reduce pressure for further rate hikes.
Source: FXStreet Forex News