- Prior month -301K revised to +509K
- ADP national employment rises by 475K vs 388K estimate. The nonfarm payroll estimate to be released on Friday is expected to show a gain of 440 K
- Goods +57K
- Services +417 K
- Small businesses (less than 50 employees) -96K
- Medium (50 – 499 employees) +18K
- Large (>499 employees) +552K
If the numbers don't fit, fix it. That is what the large revision is showing. Recall that last month the NFP report showed a gain of 467K. The revision this month moved from -301K to +509K puts the data more in line with the BLS data.
There is little change in the markets on the data.
- Dow is up 170 points
- NASDAQ is trading up 47 points
- S&P is trading up 18 points
- WTI crude oil futures are trading up $8.50 at $111.25 as OPEC+ kept the production increases at +400 K