By CountingPips.com
U.S. employment fell by less than expected and marked the lowest job decline in almost a year in January, according to the new ADP National Employment job report out today. U.S. nonfarm private employment fell by 22,000 workers in January following the revised decline of 61,000 jobs lost in December. Today’s data was better than expected as market
The employment data, despite the decrease, has improved in each of the last ten months and today’s report marked the best monthly result since February of 2008. December’s employment data was revised lower from the original release of 84,000 jobs lost.
The service-providing sector showed an increase of 38,000 jobs in January and increased for the second straight month. The goods-producing sector decreased by 60,000 jobs as the manufacturing sector had a loss of 25,000 jobs while construction jobs fell for the 36th straight month with a decline of 37,000 workers.
Medium sized businesses added jobs for the first time in two years as 9,000 jobs were created. Large businesses lost 19,000 jobs in January and small businesses dropped 12,000 jobs after adding jobs in December.
The market-moving US Nonfarm Payrolls report for January is to be released Friday at 12:30 pm GMT with market forecasts predicting a gain 20,000 jobs after December’s decrease of 85,000 jobs.
US Dollar gains in Forex Trading
The U.S. dollar has been mostly stronger in forex trading against the other major currencies so far today after the ADP jobs report. The dollar has gained today versus the euro, British pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar and New Zealand dollar as of 1:48 pm EST according to currency data by Oanda.
The dollar has made its highest gain today versus the Japanese yen as the Toyota recall has had a negative effect on the Japanese currency. The USD/JPY has advanced to its highest exchange rate in a month and trades over the 91.00 level.
The U.S. stock markets have edged a little lower today with the Dow Jones falling by about 10 points, the Nasdaq decreasing by about 1 point and the S&P 500 is down around 4 points at time of writing. Oil has traded close to even at $77.43 while gold is down by $6.30 to trade at the $1,111.10 per ounce level.
USD/JPY Hourly Chart – The US Dollar climbing higher today versus the Japanese Yen in forex trading after touching a two-day low overnight. The USD/JPY has surged back in the U.S. session with a 75+ pip gain as this pair trades at its highest level since January 21st.
