The first week of every month is always fun, because it’s when we get all the economic data for the previous month.
During the first week of every month we can PMI data, construction data, and of course jobs data, which culminates with the monthly Non-Farm Payrolls Report on the first Friday of every month.
So the fun part of the week has begun.
Today we get a preview for the Jobs Report in the form of the ADP jobs report, which is a private sector survey that’s designed to anticipate Friday’s big number.
Per Calculated Risk, the consensus is for 210K new private sector jobs for the month, down slightly from the 220K that ADP registered for April.
Of course you should bear in mind that ADP vastly underestimated the ultimate NFP number last month, and that in any survey there is going to be noise.
The bigger picture is that the economic data for May so far has looked quite hot, especially total car sales, which hit a 7-year high yesterday, so there’s a chance of big things from the labour data.
Tomorrow we’ll get initial claims, and then of course Friday we get the big one.