ADP released its monthly payrolls data this morning. The bad news is that it came in under expectations and it sets up for a weak Friday report for June Unemployment and non-Farm Payrolls. The good news is that many still feel that the ADP data is noise rather than a real sign of the jobs situation. If ADP is right, there has yet to be any boost in employment.
The reading for June from ADP came in at +13,000 jobs. Dow Jones had estimates at +60,000, so this will likely guide down the Payrolls data due on Friday. May was also revised a tad higher to +57,000 from +55,000 originally reported.
As far as what to expect on Friday, Bloomberg has the following estimates:
- non-Farm Payrolls expected at -100,000, with a range of -165,000 to 431,000
- Unemployment Rate of 9.8%, with a range of 9.6% to 9.9%
- Average Hourly Earnings +0.1% and Avg. Workweek of 34.2 hours
The issue to consider for Friday is that many are still looking for a positive number, with the wild card being the seasonality and those pesky Census workers. Last month’s reading would have been disaster without those hires. The hope that June was the great breakout month for employment has just dwindled a bit more.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
