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Today ADP employment numbers were released from US for the month of September.
ADP number shows US economy and its labour markets are quite resilient, in spite of recent slowdown
There are two things to note even in the headline that,
- Job growth beat expectations, has not deteriorated and payroll rose by 200,000
- August payroll marginally revised to 186,000 (down from 190,000).
Key highlights -
- Non-farm private sector employment grew at 200,000 in September, median expectation was for 195,000.
- Small business sector hiring at 37,000, compared to 85,000 last month.
- Employment in franchise increased to 33,000 compared to last month's 22,800.
- Mid-sized companies added 56,000 jobs.
- Large sector added 106,000 jobs.
- Manufacturing sector payroll dropped by -15,000 compared to 7,000 gains last month.
- 12,000 jobs were added in goods producing sector.
- Construction sector added 35,000 on payroll.
- Services sector employment remains robust as payroll added 188,000 people in September.
Dollar is broadly higher especially against Euro as divergence in monetary policy remains key focus.
FXCM US Dollar index is currently trading at 12070, with resistance around 12100 area and support around 11860 area.
