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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 April ADP report showed a downside miss vs expectations (+742k vs +850k expected), but made up for to some degree by a +48k upside revision to the March data.
- This is a similar story to March, where ADP missed by 33k to the downside, but was compensated by a +59k revision to Feb.
- It was the strongest figure since Sep 20's +821k.
- The distribution in job growth was remarkably even among business sizes: +235k small business, +230k midsize, +277k large. Though with lockdowns ending, it was services that provided the biggest sectoral boost, with +636k jobs (of which +237k leisure/hospitality), vs +106k for the goods producing sector.
- In sum this report probably doesn't tell us much we don't already know about the jobs landscape heading into Friday's key nonfarm payrolls report - a continued bounce in jobs led by the re-opening hospitality sector. Current NFP expectations are +995k (+950k private).
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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