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ADP Jobs Employment Data for July Missed Forecast but is Just Fine

Today, we got the ADP Non-Farm Employment Data for the US for July. The report showed that 178K jobs were added in July, which is less than the forecast around 187K. June's reading was revised up to 191K from 158K. 


(from the ADP Employment Report for July 2017)

The headline number was a bit disappointing, but note that the previous reading was revised up significantly. The service sector grew faster than the goods-producing sector, which saw manufacturing declined - a sign of the times. 

The market will be more focused on Friday's (8/4) NFP Employment report. Job inflation will also a key component. Economists are forecasting the NFP Employment Change to be 181K for July after a change of 222K in June. Average hourly earnings is expected to have increased 0.3% in July after increasing 0.2% in June. This earnings data could have a strong effect on the market, especially on the US Dollar.