ADP employment
  • Prior was +497K (revised to +455K)


  • small (less than 50 employees) +237K vs +299K prior
  • medium firms (500 – 499) +138K vs +183K prior
  • large (greater than 499 employees) -67K vs -8K prior
  • Job stayers 6.2% vs 6.4%
  • Job changers 10.2% vs 11.2%
  • Full report

Wow, yet another big upside surprise in ADP employment data. That doesn't necessarily mean that Friday's non-farm payrolls report will be strong but it certainly isn't an indication of a stumble in the US economy. USD/JPY jumped on the headline, rising back above 143.00 in a 20-pip rise.