US ADP Report: Trump effect fades,strength in economy

Today ADP employment numbers were released from the US for the month of July.

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect on manufacturing seems to be fading.
   
• June payroll got a revision. It has now revised to 191,000 (up from 158,000).

Key highlights –

• Non-farm private sector employment grew at 178,000 in July, the median expectation was for 185,000.
• Small business sector hiring at 50,000, compared to 17,000 last month.
• Employment in franchise increases to 26,600 compared to last month’s 18,800.
• Mid-sized companies added 83,000 jobs compared to last month’s 91,000 jobs.
• The Large sector added just 45,000 compared to last month’s 50,000 jobs.
• Manufacturing sector payroll registered 4,000 jobs loss compared to 6,000 job gain last month.
• 4,000 jobs were gained in goods producing sector, compared to last month’s no job gain.
• The construction sector saw 6,000 jobs gain, compared to last month’s 2,000 jobs loss.
• Services sector employment remains robust as payroll added 174,000 people in July. June gain was 158,000.

The dollar index is currently trading at 92.86, down 0.06% for the day so far.