ADP jobs posted the lowest number since April’s 124k and has been slowly trending lower since November 2012’s whopping 276k print.
Small business growth fell this month while large companies increased hiring but the overall picture is still of a weak jobs market. What we should take into some context is that pre-crisis jobs levels were ranging between flat and 400k over a 3 1/2 -4 year period, so taking the GFC out leaves us around historical levels.
USD/JPY took a spill to 98.09 but was soon hoovered up by willing buyers back to 98.20.