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US ADP Employment Change: 4-week average falls to 16.75K
- Weekly job gains at US private employers averaged 16.75K in early October.
- Hiring continued to lose momentum.
An average of 16.75K jobs per week were added by US companies in the four weeks ending 10 October, according to the NER Pulse, the weekly companion to the ADP National Employment Report. The figures point to a further weakening in private-sector recruitment in early October.
Compared with the previous reading of 18.50K, the modest decline signals a further slowdown in hiring.
US dollar extends its recovery
Measured by the US Dollar Index (DXY), the Greenback moves back above the 102.00 mark on Tuesday as its recovery continues. The index records a third successive daily gain, with market participants remaining cautious ahead of the FOMC meeting.
Employment: frequently asked questions
As an important gauge of economic health, labour market conditions play a central role in determining a currency’s value. Strong employment, or low unemployment, supports consumer spending and, in turn, economic growth, strengthening the domestic currency. A particularly tight labour market, in which too few workers are available to fill vacancies, can also affect inflation and consequently monetary policy: limited labour supply combined with strong demand pushes wages higher.
For policymakers, the rate of pay growth across an economy is a crucial consideration. When wages rise strongly, households have more to spend, which usually pushes up consumer goods prices. Pay increases are unlikely to be reversed, so wage growth is viewed as a core element of underlying, persistent inflation, unlike more volatile drivers such as energy prices. This is why central banks worldwide scrutinise wage data when setting monetary policy.
A central bank’s objectives determine the importance it places on labour market conditions. For some, an explicit employment-related mandate sits alongside the task of controlling inflation. For instance, the US Federal Reserve (Fed) has a dual mandate to promote maximum employment and stable prices, whereas the European Central Bank’s (ECB) sole mandate is to keep inflation in check. Regardless of these differences, policymakers regard labour market conditions as an important consideration, both as an indicator of economic health and because of their direct link to inflation.
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