Categories: Market Overview

ADP surprises with accelerating US wage growth

Ahead of Friday’s employment report, we turn our attention to other labour market releases.

ADP’s estimates for March showed private sector employment rising by 184K, the highest since July 2023 and above the expected 150K. In a commentary on the release, ADP’s chief economist notes not only the general increase in wage pressures (in contrast to cooling inflation) but also the set of sectors that saw the biggest gains: construction, financial services, and manufacturing.

The release notes a 5.1% y/y increase in wages for job-stayers and a 10% surge for job-changers.

Judging by this report, the most anticipated recession in US history is once again being pushed ahead. For traders, this means that the chances of an easing of US monetary policy are further diminished as wage growth is well above the inflation target and gaining momentum.

However, it is worth noting that ADP figures have diverged from official statistics in recent months, leaving the NFP as the king of unpredictable key market indicators.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: jobnfpusd

Recent Posts

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

18 mins ago

Crypto: Tug-of-war at new altitude

Cryptocurrencies continued to surge, pushing the total cap to $3 trillion. Bitcoin has gained nearly…

43 mins ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

20 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

20 hours ago

WTI crude Wave Analysis 13 November 2024

- WTI crude oil reversed from the multi-year support level 66.70 - Likely to rise…

20 hours ago

Japanese inflation continues to rise

Japanese inflation is rising, with corporate goods prices inflation accelerating to 3.4% y/y in October,…

24 hours ago

This website uses cookies