Just going through the full ADP report and despite the fact that the private sector has posted well below the 12 month average and has seen weaker gains across the board, the weather is still firmly front and centre as the reason why.
“February was another soft month for the job market. Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.” Mark Zandi, chief economist of Moody’s Analytics who help compile the report
My mate in Chicago has woken up to another foot of snow he says (Snowman attempt to follow)
ADP jobs report 05 03 2014
The full report can be found here
USD/JPY is now powering on through 102.52 with 102.80/85 the level to watch on the upside. Ukraine news is out the window as the US employment picture takes center stage.
USD/JPY daily chart 05 03 2014
