ADP September employment +143K vs +120K expected

• Prior was +99K (revised to +103K)
• Annual pay growth for job-stayers 4.7% vs 4.8% prior
• Job-changers’ pay gains 6.6% vs 7.3% prior
• Services +101K vs +72K prior
• Goods +42K vs +27K prior
• There was strength in construction, education and leisure/hospitality

USD/JPY is at the highs of the day after this report, breaking 145.00 and up nearly 150 pips on the day. Bonds are also selling off and at the lows of the day as the focus shifts from the Middle East to the US economy.

“Stronger hiring didn’t require stronger pay growth last month,” said Nela Richardson, chief economist,
ADP. “Typically, workers who change jobs see faster pay growth. But their premium over job-stayers
shrank to 1.9 percent, matching a low we last saw in January.”

Details:

• Natural resources/mining 14,000
• Construction 26,000
• Manufacturing 2,000
• Trade/transportation/utilities 14,000
• Information -10,000
• Financial activities 2,000
• Professional/business services 20,000
• Education/health services 24,000
• Leisure/hospitality 34,000
• Other services 17,000

This article was written by Adam Button at www.forexlive.com.