US: ADP Employment Change Drops | Canadian Dollar Strengthens
Published October 2, 2019
This morning the data published by the Automatic Data Processing (ADP) showed that employment in the private sector added a modest 135,000 jobs in September against the forecast of 140,000, a sign that hiring is slowing as the trade war takes a toll on the economy and employers grow cautious.
Canadian dollar strengthened and reversed yesterday losses after the disappointing PMI data from the US that renewed concerns over a possible recession. This morning the Canadian dollar was trading slightly higher, at 1.3242 against the greenback.
Yesterday, the US manufacturers posted the biggest contraction in September since the end of the 2007-2009 recession has revived fears that US may be headed for a recession. Overall, the Institute for Supply Management manufacturing PMI composite index fell 47.8 against the expectation of 50.4.
British Prime Minister Boris Johnson on Wednesday announced a revised Brexit proposal, warning the European Union that he remains prepared to take the UK out of the bloc at the end of October without a deal.