Independent Strategy

Tags: ADP

Another weak ADP private sector jobs report with just 102.2k jobs created in June.  That marks an improvement following the very weak May release but still drags the 3m average down to 132.7k, the lowest since July 2012.  The ADP breakdown bears out the problems of the construction sector, with a second consecutive month of declines while small businesses also showed another contraction in jobs.

US

POST » 5th June, 2019 » US May ADP

For those sensitive to bad data its not a good update.  The May ADP report saw job growth slump to a meagre +27.3k jobs, the weakest outturn since March 2010.  Some sectors seem to have been hit by temporary factors, with the decline in construction particularly notable.  But while this sector can ebb and flow you still have to go back to the end of 2010 to get a worse reading.

The US April manufacturing PMIs are all now in following today’s ISM release and the picture looks pretty bleak with a big slide from what had looked to be a healthier March release.  There was a notable deteriorating in the orders side with export orders sub 50.0 for the first time since the 2015/16 China slowdown.

In the Media