Canadian payroll estimate from ADP
- Prior was +61.7 (revised to +24K)
- Two months ago was +77K
This series is coming off two extremely strong readings in March and April but the April number was revised sharply lower. Construction jobs were down 11.2K with educational services -5.8K.
"May experienced a sharp decline," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Construction was the primary driver for the weak numbers in May, likely due to the downward trend in housing starts and a slowdown in sales activity. Education also experienced sizable losses, while smaller declines across a number of other industries cancelled out any employment gains."
