ADP employment report shows increase of 978,000 jobs in May, exceeding expectations

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The ADP employment report showed a net change in positive employment of 978,000 in May, above the 650,000 of the market consensus. It is the most significant rise since June. In turn, the April data was revised down from 742,000 to 654,000.

Nela Richardson, ADP’s chief economist explains that the main driver was the services sector, with figures well above the average of the last six months.

At 12:30 GMT, the weekly unemployment benefit claims report will be released, where initial claims are expected to have dropped below 400,000 for the first time in a year. Then (14:00 GMT) the reading of the May ISM for the services sector will be known. Friday will be the turn of the nonfarm payrolls.

The dollar it appreciated in the market after the data and hit highs on almost all fronts. The metals they fell to new lows and Wall Street futures did not register large variations.

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