Big miss in ADP employment
- Prior was 167K (revised to 212K)
The prior is a reminder that last month the ADP report also showed a sharp deceleration but it never showed up in the official data. Some of that might have been due to some seasonal skews around teachers and the pandemic though, and that won't be the case this month. Jobless claims during the NFP survey week were also high, so there is scope for more jitters and of Friday.
The consensus for non-farm payrolls is currently 1390K with estimates from -100K to +2400K.
USD/JPY dropped to 106.10 on the report after hitting a session high of 106.29 minutes earlier.
