By Mike Larson
We just got the ADP Employment Services report, and it was a BIG beat. June payrolls were up 281,000, far above the 179,000 increase for May and the forecast for a reading right around 200,000.
Goods-sector employment was up 51,000, services-sector employment was up 230,000, every category of business size showed gains, etc.
The official reading from the Labor Department comes out tomorrow morning instead of Friday, due to the holiday — and the forecast calls for a 215,000 job gain. These two reports never line up exactly, but this does raise the possibility of a stronger-than-expected report tomorrow.
And that, in turn, should put upward pressure on the dollar and upward pressure on interest rates. Speaking of which, the dollar is rising on this number and long bond futures are down about 15/32 at last check.
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Until next time,