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ADP Miss Raises Qs Ahead Of Nonfarm Payrolls

DATA REACT

Another month, another miss for ADP nonfarm private sector employment: a 374K rise in August, vs 625K expected, and 326K in July. The latter figure was revised down from 330K previously, which had marked a similar miss (vs +683K expected).

  • Treasury futures / EURUSD ticked to session highs on the release before paring gains slightly.
  • The main highlight here was a 201K payroll gain in leisure and hospitality, and 59K in education and health - no sectors saw a contraction in employment in August.
  • Services provided 329K jobs, with goods up 45K.
  • Given that the July reading was followed by +943K nonfarm payrolls, it's tough to read too much into this report in terms of NFP clues.
  • That said, it's yet another disappointing August data point - a theme which will not have gone unnoticed by the FOMC ahead of the September decision in 3 weeks' time (pending the August employment report and other data, of course).
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