US Employment Continues to Grow 2012.04.05

April 05, 2012 01:50

United States (US) non-farm payrolls in the private sector increased a seasonally adjusted 209,000 in March from February (2012), according to Automatic Data Processing (ADP) on Wednesday. As well, previous estimates for gains in February and January were revised higher by 9,000 and 14,000 to 230,000 and 182,000 respectively. The service-providing sector attached 164,000 more positions in March while the goods-producing sector fastened 45,000 more jobs. Large companies having 500 or more workers affixed 22,000 jobs, medium-sized companies having 50-499 workers provided 87,000 more positions and smaller companies employing up to 49 workers augmented 100,000 more to employment. Manufacturing infused 23,000 additional jobs, construction added 13,000, and financial services provided 8,000 more positions in March.

In other US news, the non-manufacturing sector index posted 56.0, continuing growth in March 2012, according to the Institute for Supply Management (ISM) on Wednesday. A number above 50.0 denotes growth while a number below 50.0 signifies contraction. March’s number came in 1.3 points lower than February’s index at 57.3, indicative of slower expansion. As well it amounted less than analysts’ expectations of 56.8. To add to this, the business activity index came in at 58.9 in March, 3.7 points fewer than February. As well, the index for new orders decreased 2.4 points from February to 58.8 in March. Yet, both index figures reveal continued growth. Respondents continue to be optimistic about business conditions although are concerned over cost pressures and unstable fuel prices.

The EURUSD dropped over 250 pips in the last 24 hours as jitters of a weak Spanish bond auction put risk appetite on hold. The EURUSD fell below lows of 1.3150 and we see the next level of support at 1.3050. Markets are shifting focus to Europe once again.

Eugene Ross, Analyst

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