US private employers create more than projected jobs

US private employers create more than projected jobs

U.S. ADP employment, which shows the hiring by private sector employers, came comfortably higher than analysts’ forecasts in March, pointing the strength in the labor market.

Employers added 263,000 jobs the previous month from a downwardly revised of 245,000 jobs in February, compared to analysts’ estimates of 184,000.

Investors carefully watch today’s data as it provides an indication about the health of the labor market, ahead of Friday’s nonfarm payrolls.

The NFP report may signal American employers created 174,000 jobs last month, while unemployment stood at 4.7 percent.

The dollar traded slightly higher at 100.43 against a basket of major currencies, compared to the session’s open at 100.40, according to the dollar index.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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