FXStreet (Mumbai) – The data released by the Automatic Data Processing, Inc, (ADP) showed the US private sector added far less jobs in July than the consensus estimate. The tepid data comes a week after Fed gave a jobs clue regarding the interest rate hike in the US.
The ADP report showed private sector in the US added 185K jobs in July. Economists had called for the report to show private employers added 215K jobs, compared to the downwardly revised 229K additions seen in June.
Small sized firms (1-49 employees) added 59K jobs, Mid-sized firms (50-499 employees) added 62K jobs, and Large sized firms (500+ employees) added 64K jobs. Sector wise details reveal 178K jobs were added by the service industry, while the goods-producing sector added 8K jobs in July.
A Labor Department report – Non-farm payrolls – on Friday is projected to show employers, including government agencies, took on 225,000 workers last month, while the jobless rate held at a seven-year low of 5.3 percent.
(Market News Provided by FXstreet)