Editor's PiCK
U.S. June ADP Nonfarm Employment Down by 33,000—the First Decline in Two Years
Summary
- The U.S. ADP Nonfarm Employment Index for June reported a significant miss compared to expectations.
- This marks the first decline in two years, interpreted as a sign that the labor market downturn is accelerating.
- It was reported that the price of Bitcoin edged lower following the release of the report.
The June ADP (Automatic Data Processing) Nonfarm Employment Index in the United States came in significantly below Wall Street expectations. This marks the index’s first decline in two years.
According to the national employment report released by U.S. company ADP on the 2nd (local time), private-sector job gains in June totaled 33,000, falling short of both the projected 99,000 and last month's revised figure of 29,000. The data suggests the labor market is entering a recession amid ongoing policy uncertainty.
The ADP National Employment Report is a measure of employment changes based on payroll data from around 400,000 U.S. business clients of ADP. Released ahead of government figures, it serves as a predictor of official nonfarm employment changes.
After the release of the report, Bitcoin edged lower. As of 9:17 p.m., Bitcoin was trading at $107,312 on the Binance USDT Market, down 0.70% over the past 24 hours.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
