Private sector employment increased by 179,000 jobs from June to July according to the July ADP National Employment Report. “This month’s employment number falls short of the 12-month average primarily because of slowing in small business hiring,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “As the labor market continues to tighten, small businesses may increasingly face challenges when it comes to offering wages that can compete with larger businesses.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong, but is moderating as the economy approaches full employment. Businesses are having a more difficult time filling open job positions, which are near record highs. The nation’s biggest economic problem will soon be the lack of available workers.”
Euro is currently being traded around 1.1150 handle, Sterling is above 1.33 area, while Aussie is around 0.7580 level.
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