China Automakers Accelerate Global Expansion as Domestic Car Sales Slump 
UK Economy Posts Surprise June Growth as World Cup and Hot Weather Lift Activity 
Asian Stocks Steady as Iran War Keeps Oil Prices and Inflation Risks Elevated 
US Dollar Slips as Weak Retail Sales Reduce Fed Rate Hike Bets 
S&P 500 Hits Record High as Soft Inflation Data Eases Fed Rate Hike Fears 
Oil Prices Steady as Strait of Hormuz Traffic Slows Amid US-Iran Conflict 
BSP Sees Philippine Inflation Easing, Keeps Policy Options Open 
Morgan Stanley Sees Fed Holding Rates as U.S. Inflation Cools 
Add as a preferred source on Google
Today ADP employment numbers were released from US for the month of March.
ADP number shows US economy and its labour markets are quite robust, in spite of global economic slowdown.
There are two things to note even in the headline that,
- Job growth beat expectations, numbers indicate resilient labour market, considering market turmoil in early in the year.
- February payroll marginally revised to 205,000 (down from 214,000).
Key highlights
- Non-farm private sector employment grew at 214,000 in March, median expectation was for 194,000.
- Small business sector hiring at 86,000, compared to 76,000 last month.
- Employment in franchise increased to 22,000 compared to last month’s 18,500.
- Mid-sized companies added 75,000 jobs compared to last month’s 62,000 jobs.
- Large sector added just 39,000 compared to last month’s 76,000 jobs.
- Manufacturing sector payroll added 3000 jobs compared to 9000 jobs lost last month.
- 9,000 jobs were added in goods producing sector, compared to last month’s 5,000
- Construction sector added 17,000 on payroll, compared to last month’s 27,000.
- Services sector employment remains robust as payroll added 191,000 people in March. February gains were 208,000.
Dollar is flat after the data, focus now turns to Friday’s NFP report. Dollar index is currently trading at 94.9, down -0.3% so far today.
