ADP is out with its controversial jobs number this morning ahead of this week’s unemployment report. ADP said that there was “only” a -491,000 drop of jobs in the US private sector. The expectation was somewhere north of -600,000. This has turned equity futures around and into positive territory.
“The April ADP private employment count was stronger than market expectations and is generally consistent with other labor market indicators that suggest the decline in payrolls moderated in April,” said economists at Calyon Securities.
