-11122024742.png)
-11122024742.png)
ADP hints at another strong NFP on Friday
The monthly ADP labour market report showed that America created 192K new jobs in April, above the forecasted 179K and following +208K in March (revised from 184K).
Overall, there was a slight slowdown in wage growth to 5% y/y from 5.1% a month earlier, which is still quite high because of high employment and the impressive pace of job creation by historical measures.
The report noted weakness in the information sector, which cut jobs and slowed wage growth. When broken down by company size, large companies with more than 500 employees contributed the largest portion (+98K).
When broken down by industry, Construction surprised (+35K), which is huge for an industry that makes up only 5% of the labour force. Among services, Leisure and hospitality (+56K) led the way once again.
The ADP report fuelled expectations of a strong Friday's official statistics. Still, its impact on the market is tempered by the market's focus on today's FOMC meeting and the decline in predictive power in recent months.
By the FxPro Analyst Team
Defensive Demand Lifts Metals as Oil Surges on US Sanctions | 23rd October 2025
Renewed tensions keep risk appetite under wraps
WTI crude oil breaks above 61.00
The British Pound Extends Its Losses
EBC Markets Briefing | Oil jumps on Russian sanction; Netfilx misses profit forecasts
Inflation in Focus as Traders Eye BoE’s Next Move | 22nd October 2025
EBC Markets Briefing | China's market rally is at stake this week
