Dollar falls on poor jobs and non-manufacturing ISM data

(Source: Yahoo! Finance)

Two sets of bad data out of the US today saw private sector employment and non-manufacturing ISM misses. The dollar is down against the euro.’s research team:

The problem with this US recovery and stock market rally is that no sooner are you lulled into a false sense of security that the economic recovery will continue then a data point reminds you that the US recovery is still fragile. Take today’s ADP report, it missed expectations of a healthy 200k and came in at 158k for March. This is still a good run-of-the-mill number, but it’s not the magic 200k that everyone is watching for as we head up to payrolls on Friday. While the headline number was fairly healthy, there were a couple of details worth looking at in more detail. The private construction sector created no new jobs last month, according to ADP, while manufacturing and finance only created 15,000 jobs. The service sector, particularly professional and business services, created the bulk of jobs.