At 8:15 AM ET, we’ll get the ADP jobs report.
Economists expect ADP to tell us that 165,000 payrolls were added by U.S. companies in May, up from 119,000 in April.
This is the first of the major May labour market indicators building up to this Friday’s official jobs report published by the Bureau of labour Statistics.
“In the short term, the monthly ADP survey, which we get this morning, is the single best predictor of changes in payrolls,” said Deutsche Bank’s Joe LaVorgna.
“Private payrolls rose 57K more than the ADP estimate last month; misses have averaged 42K since Moody’s became the compiler of the data,” said High Frequency Economics Jim O’Sullivan addressing the relationship between the BLS and ADP reports.
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