ADP employment
- Prior was +177K (revised to +180K)
Details:
- small (less than 50 employees) +95K vs +18K prior
- medium firms (500 – 499) +72K vs +79K prior
- large (greater than 499 employees) -83K vs +83K prior
Changes in pay:
- Job stayers 5.9% vs 5.9% prior
- Job changers 9.0% vs 9.5% prior
This was the worst reading since January 2022. It’s putting downward pressure on yields and the US dollar.