Highlights of the US August employment report from ADP:
- Prior was +185K (revised down to +177K)
Slight miss and a small negative revision. The misses don't amount to much and don't change the picture for the Fed or markets. Nonfarm payrolls are expected up 218K on Friday.
No reaction in the FX market.
The labor market isn't the focus at the Fed or markets at the moment. The consensus is that employment is solid and will continue to slowly eat away at the small amount of remaining slack.
Concerns relate to global growth, inflation and the strong US dollar.
