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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
DATA REACT
The -88K revision to April's figure did little to take the sheen off a strong beat in May's ADP payrolls reading (+978k jobs vs +650k survey, and above the highest estimate of +900k).
- Services provided +850k of the total, with goods +128k. Within Services, Leisure and Hospitality were +440k, and trade/transport/utility +118k - both likely closely linked to reopening. A strong +65k figure for construction also noteworthy in the midst of a housing sector boom.
- That said, the large discrepancy between ADP and the BLS nonfarms figure for April last month should be kept in mind, for another potential overestimation by the ADP's model for May. But perhaps we'll see some modest adjustments higher in the surveys for tomorrow's NFP (currently +655k, with BBG whisper number +780k).
Source: ADP
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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