US ADP private employment rises by 38,000 in August, below market expectations
Macro
According to the national employment report for August released by ADP, a US private payrolls firm, on the 2nd, non-farm private employment (seasonally adjusted) increased by 38,000 from the previous month, falling short of the market expectation of 48,000 (according to a Reuters poll). By sector, education and health services saw the largest increase of 45,000, and leisure and hospitality also rose by 16,000. Meanwhile, manufacturing decreased by 17,000, and professional and business services fell by 16,000. Construction increased by 12,000, and financial activities rose by 6,000.
