Was the US ADP Report Yesterday a Sign for the Employment Report Today?
Yesterday we saw a some decent economic figures from the US. The non-farm ADP employment report came in pretty strong at 195k, with an increase above expectations in goods producing jobs. The factory orders and the ISM non-manufacturing PMI also came in pretty strong.
That improved the sentiment surrounding the USD. Today, the main employment report from the US will be released. New jobs are expected to have grown at around 160k, same as last month, but after the jump to 195k in ADP jobs we saw yesterday, we might see a positive surprise here as well.
The unemployment rate is expected to remain unchanged at 3.7% which is a really decent place, while average hourly earnings are expected to show a 0.3% increase again, which also is a decent raise. This report might as well be negative, but the signs after yesterdays ADP report are positive which would help the USD, so let’s see how the numbers will come out.
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