ADP Non-Farm Payrolls Rose by only 170K. This is an independent figure for the private sector in the US job market.
Early expectations stood on a gain of 189K.
Currencies aren’t getting overexcited with this small miss of predictions.
ADP surprised last month with an initial report of a 325K gain in the Non-Farm Payrolls Employment Change report, way above expectations. This figure was now revised to the downside, to 292K.
The ADP number isn’t always the best measure for the official Non-Farm Payrolls figure, but serves as a general indicator for the long term trend, which is of slow to medium job gains.
Another important US figure is due later on: the ISM Manufacturing PMI. It’s important to note the employment component of this indicator. The more important sector, services, will get its indicator on Friday (after the NFP) with the ISM Non-Manufacturing PMI.
Current expectations for the official Non-Farm Payrolls report stand on around 150K. The unemployment rate is predicted to remain around 8.5%.
A hint for the unemployment rate can be found in the weekly jobless claims, which are released tomorrow. They are expected to slightly slide from 377K to 373K.
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