Editor's PiCK
US September ADP nonfarm employment down 32,000…far below Wall Street expectations
Summary
- The U.S. September ADP nonfarm employment index was reported to have fallen short of Wall Street expectations and last month's figures.
- It stated that amid a labor market downturn, Bitcoin rose slightly after the employment data was released.
- The ADP National Employment Report is said to be used as a predictor of government employment changes.
The U.S. September ADP (Automatic Data Processing) nonfarm employment index came in far below Wall Street expectations.
According to the ADP National Employment Report released by ADP on the 1st (local time), private sector new job employment in September decreased by 32,000, falling short of the forecast of 54,000 and last month's figure (revised) of a 3,000 decrease. It is interpreted as the labor market beginning to weaken amid macroeconomic uncertainty.
The ADP National Employment Report is an employment-change gauge based on payroll data from about 400,000 U.S. business customers of ADP, and because it is released earlier than government data it is used as a predictor of government nonfarm payroll changes.
After the indicator was released, Bitcoin rose slightly. As of 9:16 p.m., based on the Binance USDT market, Bitcoin is trading at 116,800 dollars, down 3.33% from 24 hours earlier.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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