ADP employment change for June 2020
The ADP employment change for June 2020 came in at 2369K vs. 2900K estimate.
- Prior month revised 23065K vs. minus 2760K estimate. A 5.8 million increase from the prior month. Recall nonfarm payroll surprised to the upside in May with a gain of 2509K. The ADP report revision catches up to that number more or less
- Goods producing jobs added 457K
- services producing jobs added +1.9 million
- the US nonfarm payroll estimate is for a gain of about 3M will be released on Thursday
- small businesses added 937K
- medium businesses added 559K
- large businesses (greater than 499 employees) added 873K
The numbers were less than expectations but the revision was quite large at +5.8 million. However the revision simply catches up to the labor departments number from last month of 2.5 million job additions. The US nonfarm payroll will be released tomorrow at 8:30 AM with expectations of 3.07M new jobs as the consensus. The estimates are quite wide with 9000K as the high estimate and 500K as the low estimate.
Stocks have rebounded a bit after the report
- Dow futures are implying a -168 point decline
- S&P futures are implying a -15 point decline
- NASDAQ index futures are implying a -31 point decline
