US Private Payrolls Add 176,000 New Jobs

US private employers added 176,000 jobs in August, nearly matching economists' expectations for the month, a report by a payrolls processor showed on Thursday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs. July's private payrolls gains were revised to 198,000 from the previously reported 200,000.

The report is jointly developed with Moody's Analytics.

The ADP data comes one day before the US government's report on August non-farm payrolls, which investors will scour in hopes of divining the Federal Reserve's future for its massive asset-buying program.

The Fed is now weighing when to pull back on its purchases of $85bn per month in Treasuries and mortgage-backed securities.

Views that the Fed could slow its buying pace as soon as its September 17-18 meeting sent Treasury yields to two-year highs recently.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza