ADP May employment data:
- Prior was -20,236K (revised to 19,557K)
- Goods producing -794K
- Service providing -1967K
These are far fewer job losses than expected but the market reaction has been close to nil. ADP has been having a tough time counting the losses. I'm not sure it tells us anything about Friday's non-farm payrolls report but if it does, it's a good sign.
