The ADP number came in super-strong in data from the US on Thursday:
- US June ADP employment +497K vs +228K expected
- The ADP number was shockingly strong, setting up what could be a 15th consecutive beat on non-farm payrolls tomorrow.
Goldman Sachs shrugged it off:
- We suspect a distortion in the ADP seasonal factors contributed to the strength, as ADP employment growth had picked up in June in 6 of the last 7 years
- We left our nonfarm payroll forecast unchanged at an above-consensus +250k
JP Morgan, though, are wary:
- ADP has generally not tracked BLS private nonfarm payrolls that well over time
- but today’s report does hint at some potential upside risk to our call for a 165,000 gain in private payrolls (200,000 headline).
the data is due at 8.30 am US Eastern time:
This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
