Free Trial
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.
US DATA
- ADP employment came in far stronger than expected in May, at 278k (cons 170k) after a minimally downward revised 291k (initial 296k) in April.
- With the current revision cycle, ADP averaged a 49k monthly overshoot of private payrolls through Feb-Apr but there’s no clear rule of thumb here - the prior three months saw an average miss of -76k courtesy of a huge -234k in January when ADP was overly affected by poor California weather.
- It’s this well-known lack of consistent relationship that means the surprise can’t be taken too strongly but it nevertheless likely adds upside risk to private payrolls expectations of 164k.
- Within the details, large firms (500+ employees) saw a heavy -106k decline but were offset by large increases in most other categories. The firm-size data can be revised quite notably but this is the largest monthly decline since Apr/May’20. It’s in strong contrast to smallest firms (1-19 employees) rising 116k for their strongest since Sep’21.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok