Employment data from ADP
Prior was 227K (revised to 225K)
Goods +16K
Service +163K
ADP says US job growth is strong but has likely peaked
This is a touch on the soft side but it's not going to be enough to move the US dollar.
That line from ADP is going to get some attention but it's not really notable. The US is at full employment with a declining workforce, it's been expected for years that jobs growth would slow down around this time (if not sooner).
Here's the full commentary, for reference.
"Although the labor market performed well, job growth decelerated slightly,"said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
"Midsized businesses added nearly 70 percent of all jobs this month.This growth points to the midsized businesses' ability to provide stronger wages and benefits. It also suggests they could be more insulated from the global challenges large enterprises face."
Mark Zandi, chief economist of Moody's Analytics, said,"Job growth is strong, but has likely peaked.This month's report is free of significant weather effects and suggests slowing underlying job creation. With very tight labor markets, and record unfilled positions,businesses will have an increasingly tough time adding to payrolls."
