Not much market movement on the ADP...>

US DATA REACT: Not much market movement on the ADP June miss: +2.37mln private

payroll increase, BUT upward revision to May, +3.065mln, from -2.76mln, so

nearly +6mln swing. 

- Highlights sector-wise in June were leisure/hospitality (+961k), and

construction (+394k), more than half of total jobs created. Makes sense given

some opening up of the economy. The only contractions were in Natural

resources/mining -26k (result of the oil sector collapse?) and in the svcs

category (-50k in 'information' services, -29k 'management of

companies/enterprises). 

- Then again, given the huge swing in the revision (both in magnitude and the

ultimate direction of travel going from contraction to expansion), a lot of

questions will be asked about the ADP report's usefulness in predicting an

already difficult-to-predict nonfarms payroll number tomorrow.