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5 May 2016
US: Weak ADP likely signalling a slowdown in the payrolls - Westpac
Sean Callow, Research Analyst at Westpac, notes that in the US the estimate of April private payrolls growth from processing firm ADP disappointed.
Key Quotes
“With a 156k gain (vs 195k expected), which some may interpret as signalling a slight slowdown in the official payrolls series (updated on Friday) from the 200k+ monthly pace.
The other key release was the ISM services survey, which saw the headline index rise from 54.5 in Mar to 55.7 in Apr (vs 54.8 expected). Moreover, the employment index within the survey jumped from 50.3 to 53.0.”
Key Quotes
“With a 156k gain (vs 195k expected), which some may interpret as signalling a slight slowdown in the official payrolls series (updated on Friday) from the 200k+ monthly pace.
The other key release was the ISM services survey, which saw the headline index rise from 54.5 in Mar to 55.7 in Apr (vs 54.8 expected). Moreover, the employment index within the survey jumped from 50.3 to 53.0.”