No surprise from August’s ADP NFP: 177K private jobs were added, very slightly above the 175K expected and basically within expectations. We do see a nice upwards revision for July: it has been revised up from 179K to 194K.
The US dollar remains firm in the aftermath of the publication.
The ADP Non-Farm Payrolls report for August 2016 was expected to show a gain of 175K private sector jobs, similar to the 179K reported for July. In recent months, the correlation between ADP and the actual private sector jobs that the BLS reported left something to be desired. ADP has been much more stable than the official figures. Nevertheless, the publication certainly moves markets.
The US dollar remained in firm control despite expected end-of-month flows. The relative hawkishness from the Fed has pushed the dollar higher, and Friday and the strength of the greenback continued. An upbeat consumer confidence report yesterday undoubtedly helped.
More: Is the Fed nearing a hike? NFP is a make or break moment
Stay tuned for more NFP previews.