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The rate of job creation in U.S. private sector businesses surpassed predictions in April, indicating continued strength in the employment landscape.
Private employers added 192,000 new jobs last month, slightly down from an upwardly revised 208,000 in March, surpassing the projected 175,000, according to the most recent ADP National Employment Report.
The ADP report offers an advance look at the Bureau of Labor Statistics’ upcoming April jobs report, slated for release this Friday. Economists anticipate a decline in non-farm payroll expansion, dropping from 303,000 in March to 243,000 in April. Projections indicate the unemployment rate will hold steady at 3.8%, with average hourly earnings predicted to marginally ease from a 4.1% year-over-year increase to 4%.
The U.S. Dollar Index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), held steady following the release.
Futures on U.S. equity indices fell during the premarket trading Wednesday, following the drops seen Tuesday. Contracts on the Nasdaq 100 and the S&P 500 were down by 0.3% and 0.5%, respectively, by 8:20 a.m. ET.
Image generated using artificial intelligence via Midjourney.
Posted In: UUP