ADP Nonfarm Employment Change comes in at 38K against 14K consensus

The ADP Nonfarm Employment Change for September 2, 2026, came in at 38K, significantly exceeding the consensus estimate of 14K. This figure represents a 171.4% surprise compared to expectations. The previous month’s reading was 44K.

Following the release, the US Dollar showed mixed reactions against major currencies over the first 15 minutes. AUDUSD moved up 3.5 pips, EURUSD gained 4.1 pips, and NZDUSD rose 0.9 pips. GBPUSD declined 1.0 pip, USDCHF fell 1.0 pip, and USDJPY saw a small increase of 0.6 pips. USDCAD moved down 11 pips. Gold, XAUUSD, increased by 38 pips. For most pairs, these initial 15-minute movements are relatively small when compared to their median 1-hour moves, which typically range from 8 pips to 12 pips for the currency pairs and 36 pips for XAUUSD after past ADP releases.