BREAKING: ADP report misses estimates, US500 pulls back

1:20 PM August 5, 2020

ADP employment report for July was released at 1:15 pm BST and was expected to show an addition of 1.2 million jobs. However, the report showed a gain of just 167k jobs. A point to note is that data for June has been revised higher from 2.369 million to 4.314 million. This can be seen as a sort of catch-up to last month's NFP report that showed 4.8 million new jobs. The report is a final hint ahead of the official labour market report for July and it does not bode well for the release. NFP report will be released on Friday at 1:30 pm BST.

US500 pulled back after disappointing ADP employment data but remains around 20 points above the nearest support zone. Source: xStation5

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