Analysis of ADP Non-Farm Employment Change (October)
ADP Non-Farm Employment Change is an economic indicator that shows the changes in the number of employment in the private sector of the US. This indicator is calculated without considering the agricultural, government, household, and non-profit workers. This indicator is based on the payroll data of about 400,000 private US companies that employ 23 million people.
This indicator is important for forecasting the labor market situation and economic growth of the US. If the number of employment in the private sector of the US increases, it indicates economic growth and strength of the dollar. But if the number of employment changes drastically up or down, it may cause inflation and concern in the financial markets.
This indicator also affects the forex market and the price of gold. Generally, when the ADP Non-Farm Employment Change indicator is higher than expectations, the dollar becomes stronger against other currencies and the price of gold decreases. Conversely, when the indicator is lower than expectations, the dollar becomes weaker against other currencies and the price of gold increases.
Today (November 01, 2023) the ADP Non-Farm Employment Change report for October is expected to be released. The average market forecast for the changes in the number of employment is 149K . The previous report for September was 89K .It seems that the ADP Non-Farm Employment Change report for October will show a significant growth in employment in the private sector of the US. This report could help the Federal Reserve (Fed) to determine its policies on raising interest rates .
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