ADP national employment for May 152K versus 175K estimate

• Prior month 192K revise to 188K
• National employment change for May xxxK vs 175K estimate
• Goods producing 3K vs 47K month
• Service providing 149K vs 145K last month
• Wages for job stayers 5% unchanged from prior month
• Wages for job changers -7.8% from 9.3% prior month. A lower number is indicative of a tighter jobs market

Details:

• small (less than 50 employees), -10K
• medium (50 – 499 employees) +79K
• large greater than 499 employees). 98K

By sector:

• Trade/transportation/ utilities +55K.
• Education/health services, +46K.
• Construction, +32K.
• Leisure/hospitality, +12K
• Manufacturing, -20K
• Financial activities +28K
• Professional and business services -6K
• Information, -7K
• Natural resources and mining, -9K
• Other services +21K

Stocks are modestly lower but still higher on the day:

• NASDAQ +90 points
• S&P index was 13.66 points
• Dow industrial average +51 points

US yields or more joint lower:

• 2-year 4.772%, +0.2 basis points
• 5-year yield 4.344%, -0.7 basis points
• 10 year yield 4.322%, -1.4 basis points
• 30-year yield 4.463%, -2.2 basis points

From Nela Richardson of ADP:

Job gains and pay growth are slowing going into the second half of the year. The labor market is solid, but we’re monitoring notable pockets of weakness tied to both producers and consumers.

This article was written by Greg Michalowski at www.forexlive.com.