US: ADP broadly in line with the consensus for NFP - ANZ

Research Team at ANZ, notes that the US ADP report showed jobs rose 179k in July following a 176k rise in June.

Key Quotes

“That is broadly in line with the consensus for NFPs on Friday (+ 180k) and broadly in line with the average monthly gain in NFPs during the first six months of 2016.

The ISM non-manufacturing index was slightly weaker than expected at 55.5 vs 56.5 in June, but remains above the average (54.8) since the recovery began in July 2009. It points to moderate, slightly above-trend growth in the service sector. Within the data, new orders rose to 60.3 vs 59.9, new export orders rose 55.5 (53.0), but employment edged lower to 51.4 (52.7).”