Independent Strategy

USUS 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.

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