- ADP Employment Change in Canada rose sharply in July.
- USD/CAD clings to strong daily gains around 1.2750.
Private sector employment in Canada rose by 221,300 jobs from June to July, the ADP Research Institute revealed in its monthly report on Thursday. This reading followed the previous print of -106,200 (revised from -294,200).
Commenting on the data, "in June, the labour market reported a decrease in jobs, marking the second straight month of declines," said Nela Richardson, chief economist, ADP. "While manufacturing and construction recorded gains, the service sector took on the majority of job losses, primarily in industries heavily affected by COVID-19 related restrictions."
Market reaction
This report doesn't seem to be helping the CAD find demand. As of writing, the USD/CAD pair was up 0.7% on the day at 1.2746.