The US jobs report from ADP
- Prior was 742K (revised to 654K)
- Largest rise since June
- Full report
Details:
- Small businesses 333K vs 235K prior
- Midsized 338K vs 230K prior
- Larger 308K vs 277K prior
- Goods sector 128K vs 106K prior
- Service sector 850K vs 636K prior
This is a very strong report despite the downward revision to April. The track record alongside non-farm payrolls is spotty but the trend is what's most important now and it's clearly improving at an accelerating pace. Last month, ADP was strong and non-farm payrolls were surprisingly weak.
The US dollar has strengthened on the data to the best levels of the day on most fronts, adding 5-15 pips.
