ADP May US employment +128K vs +300K expected

  • May US employment data from ADP
ADP employment June 2
  • Prior was +247K (revised to +202K)
  • Small -91K
  • Midsized +97K
  • Large +122K
  • Goods producing +24K
  • Service providing +104K

This is a tad on the soft side with construction and information jobs among the negative sectors. The market isn't at all worried about employment and a bit of softening will ease the pressure on wages and prices.

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