The ADP report is expected to show the US private sector added 179K jobs in April.
A tight labour market and sticky inflation support the Fed’s tight stance.
The US Dollar seems to have entered a consolidative phase.
On Wednesday, the United States (US) Automatic Data Processing (ADP) Research Institute is set to unveil private employment data for April. This survey offers insights into job creation within the private sector and typically precedes the official jobs report by the Bureau of Labor Statistics (BLS), which includes Nonfarm Payrolls (NFP) data and is due on May 3.
Market analysts anticipate the ADP survey to reveal the addition of 179K new positions during the last month, slightly below the 184K jobs reported in March. However, it's important to note that previous figures are subject to revisions, and while a robust ADP survey may hint at a similar trend in the NFP report, the correlation between the two reports has been inconsistent.
Nevertheless, the significance of the ADP survey is heightened by the US releasing various employment-related data in the days leading up to the Nonfarm Payrolls release. Collectively, these insights assist market participants in deciphering potential monetary policy moves by the Federal Reserve (Fed)
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