ADP US January employment +107K vs +145K expected

<ul><li><a href="" target="_blank" rel="follow">Prior </a>was +164K (revised to +158K)</li></ul><p>The median change in annual pay:</p><ul><li>Job stayers 5.2% versus 5.4% last month</li><li>Job changers 7.2% versus 8.0% last month</li></ul><p>I'm not sure anyone wants to bet the farm on ADP but if you take the last five months, there's a clear weakening trend to around 100K.</p><p>Comment from ADP chief economist Nela Richardson:</p><p>"Progress on inflation has brightened the economic
picture despite a slowdown in hiring and pay. Wages adjusted for
inflation have improved over the past six months, and the economy looks
like it's headed toward a soft landing in the US and globally."</p><p>The US dollar edged lower on the data but it's tough to really push it given the FOMC later.</p>

This article was written by Adam Button at

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