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Let’s start off with all the usual caveats regarding the ADP employment report as a predictive indicator. Even on trending, this report hasn’t lined up well over the years with the official BLS stats on job growth. With the May jobs report due out tomorrow from BLS, though, this doesn’t look promising. The private sector only added 128,000 jobs in May, ADP estimates, and small businesses actually lost 91,000 workers.
It’s the lowest level over the past year from ADP:
What did economists expect ADP to report? Job additions nearly three times as high, Reuters notes, and points out that ADP also lopped off another 45K from its April report. It’s the worst reading from ADP since the pandemic layoffs two years ago:
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