ADP’s private-sector jobs report is set to show a leap of over half a million positions in March. The payroll firm’s figures have not been well-correlated to the official Nonfarm Payrolls figures, but tend to move markets. The dollar is set to rise on proof that the US economic outlook is brightening as predicted, Joseph Trevisani, an Analyst at FXStreet, briefs.
Key quotes
“Americans would not be rating the improvement in the economy and their own personal situation so highly in March if they did not expect the job gains of January and February to accelerate.”
“The hiring that Automatic Data Processing (ADP) and the US Labor Department (Nonfarm Payrolls) will report this week has already been experienced by the people (statistically speaking) who answered the Conference Board and Michigan Surveys. The unexpected strength in both indexes is most likely due to the growth of the labor market.”
“If ADP is at or better than its forecast, it will be another piece of the US recovery puzzle.”
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