Private payrolls are expected to fall 9 million in May but markets are unlikely to react this month after April’s 20 million loss, Joseph Trevisani, an analyst at FXStreet, reports.
Key quotes
“Private payrolls administered by Automatic Data Processing (ADP) are expected to shed 9 million workers in May after dropping 20 million workers in April.”
“Given the events of the last two months and that the ADP and NFP numbers will show improvement, despite the absolute nature of the pain they portray, their economic information is retrograde.”
“Unless the ADP numbers are considerably better than expected, reinforcing the economic recovery scenario, they will have marginal trading impact. Disaster is old news already.”
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