U.S. Preliminary Employment Data
- ADP nonfarm employment change (Aug), fact 195K, forecast 148K.
- Initial jobless claims, fact 217K, forecast 215K.
- Non-agricultural sector productivity level (q/q) (Q2), fact 2.3%, forecast 2.2%.
- Labor costs (q/q) (Q2), fact 2.6%, forecast 2.5%.
Data for the United States to a greater extent showed growth in the labor market. Of particular note is the change in the number of people employed in the non-agricultural sector by ADP, which has unexpectedly increased. Also worth noting is the increase in productivity and labor costs. A negative note in the report was the increase in the number of initial applications for unemployment benefits, which remains near average values.
Fig. 1. ADP nonfarm employment change chart in the USA
This report significantly increased optimism on Friday’s US employment report, which also indicated support for the US dollar, which remains oversold across the market. The US dollar index slowed down near 98.20. On expectations of positive employment data in the United States, short positions in the US and a restrained correction may be reduced. Support levels: 98.00 and 97.80, resistance: 98.50-40.
Fig. 2. The US dollar index chart. Current price – 98.20 (10-year US government bonds yield – blue line)
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Hanzenko Anton
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