May ADP +179,000

This Friday is the big jobs report. It appears that nonfarm payrolls will finally exceed their pre-recession peak. The peak came in January 2008. The last report was 113,000 short of that.

Today we got a preview of the jobs report when ADP said that 179,000 private sector jobs were created last month. That was below expectations of 210,000. Frankly, the ADP report hasn’t been a good indicator of what the government says.

There were two other econ reports today. The trade deficit for April rose to $47.3 billion. About half the trade deficit is due to China. Also, the ISM Non-Manufacturing Index for May was 56.3. That’s up from 55.5 in April. The Employment Index rose to 52.4.

The S&P 500 got as high as 1,927.61 this morning which is an all-time intra-day high. The 10-year yield has bounced up to 2.6%. That’s still very low, but it’s a turn from the very low levels reached last week.

Posted by on June 4th, 2014 at 11:47 am


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