The data published by the Automatic Data Processing (ADP) showed that employment in the private sector in June increased by 102,000 following May’s disappointing +41,000 reading (revised from +27,000) and fell short of the market expectation of 140,000.
With the initial market reaction, the US Dollar Index came under a modest bearish pressure and was last seen down 0.09% on the day at 96.65.
“Job growth started to show signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “While large businesses continue to do well, small businesses are struggling as they compete with the ongoing tight labor market. The goods producing sector continues to show weakness. Among services, leisure and hospitality’s weakness could be a reflection of consumer confidence.”
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