Joel Prakken, the head of Macroeconomic Advisers, the firm that compiles the ADP employment data, also says there is no way to characterize the ADP number other than disappointing.
UPDATE: Prakken says the case is building for lowering H2 GDP growth forecasts.
The overnight rally in US equity futures has stalled after the data. S&P futures are up 2.5 points. They were up over 6 points before the data…
With month-end ahead and the downside momentum for the euro broken, today is probably a good day for short-term traders to stick to the sidelines. Month-end and quarter-end markets are too choppy and unpredictable to be worthwhile trading, in my view. Tomorrow is another day.
