The US jobs report from ADP
- Small businesses 333K vs 235K prior
- Midsized 338K vs 230K prior
- Larger 308K vs 277K prior
- Goods sector 128K vs 106K prior
- Service sector 850K vs 636K prior
This is a very strong report despite the downward revision to April. The track record alongside non-farm payrolls is spotty but the trend is what’s most important now and it’s clearly improving at an accelerating pace.
The US dollar has strengthened on the data to the best levels of the day on most fronts, adding 5-15 pips.