United States ADP private payrolls grew just 169k in the April. With March revised down by 6k to 175k, the latest gains are the first of <200k>This is further evidence that some underlying weakness in the economy/labour market is emerging, even if some of the factors holding down growth prove to be transitory. “We stand by our bottom of consensus 180k April non-farm payrolls forecast (data due Friday)”,says Westpac NZ Research.
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