ADP employment report for December was released at 1:15 pm GMT today. The report is a final piece of key US labour data ahead of tomorrow's release of NFP report for December (Friday, 1:30 pm GMT). ADP data was expected to show a 115k increase in US employment in the final month of 2023, following a mere 103k increase in November.
Actual data turned out to be a positive surprise, with ADP report showing a 164k increase in US employment. An increase was almost entirely driven by services-providing jobs, which increased by 155k. The remaining 9k came from goods-providing jobs. Data for November was revised slightly lower, from 103k to 101k.
USD gained in a knee-jerk move while US index futures ticked lower. Market reaction was rather small, showing that markets are focused on tomorrow's NFP release as ADP and NFP data did not move in tandem recently, and the latter is said to be more precise.
Source: xStation5
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