April 2021 US jobs report from ADP
- Prior was 517K (revised to 565K)
- Small businesses +235K vs 174K prior
- Midsized 230K vs 188K prior
- Larger 277K vs 155K prior
- Goods sector 106K vs 80K prior
- Service sector 636K vs 437K prior
The US dollar has softened further on the headlines. The headline is softer than expected and that could drag non-farm payrolls estimates back below 1m. Ultimately, I think this is in the sweet spot for risk trades. It shows an economy that's improving rapidly but not so fast that it will prompt a Fed rethink.
