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Investing.com – ADP’s US non-farm payrolls now misses expectations, coming out much stronger this time and bigger than analysts’ expectations, moments before the ISM’s manufacturing PMI and jobless claims data. (ISM).
The preliminary employment data came very strong this time, higher than experts’ expectations and higher than the levels recorded in the previous reading, to motivate the Fed towards continuing the monetary tightening policy for the coming period, which supports a decline on the one hand, and an increase on the other.
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The dollar index cut its losses immediately after the data was released, while gold turned downward after it was in an upward range before the data was released.
The importance of the employment data issued today increases, because it gives an overview of the Fed’s move in the upcoming meetings, as if the data is positive, the Fed will motivate it towards more tightening and that the economy is still in good health, and vice versa, if the data is negative, the Fed may motivate that. Towards cooling as a sign of a slowing economy that leads to lower inflation.
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Employment Report for ADP
He reported that the economy added 497 thousand jobs for the month of June, while experts expected an addition of 228 thousand jobs.
The previous April reading was revised to 267 thousand from 278 thousand.
This indicator determines the change in the level of those hired during the past month, with the exception of those hired in the agricultural sector. This indicator is published two days before the publication of the ADP Employment Report of the Official Bureau of Human Resources Statistics, which provides solutions in the field of employment for companies. Since its release in 2007, it has proven to be a good indicator for predicting the employment report.
Gold and the dollar now
It fell by 0.6% to $1,916.
It fell by 0.25% at $1911 an ounce.
While trimming its losses, it fell by 0.1% to 102,930 points.
2023-07-06 12:18:00
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