June ADP Employment Report

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APD Employment Report

  • Non-Farm Payrolls surged 281K in June vs. (E) 213K

Takeaway

Yesterday’s ADP employment was far better than analyst expectations of just 213K. While the May data were left unrevised at 179K. Stock futures spiked up to session highs upon release of the report but quickly pared those gains as again buyers seemed a bit exhausted yesterday.

With regard to the government number today, the first print of the ADP report has overshot the actual government number every month since January of this year by an average of 28.5K.  So, if we keep things simple, that implies a print of 256K-ish this morning.