The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 145,000 in March. This reading came in below than the market expectation of 200,000. On a positive note, February’s print of 242,000 got revised higher to 261,000.
Commenting on the data, “our March payroll data is one of several signals that the economy is slowing,” said Nela Richardson, chief economist, ADP. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”
With the initial reaction, the US Dollar lost its recovery momentum and the US Dollar Index was last seen trading flat on the day at 101.55.