ADP Employment Misses After Yesterday’s Soft Jolts Jobs

Employment has been holding the US economy afloat, but recently we have seen some weak numbers from different employment figures.

Written by: Skerdian Meta • Wednesday, June 5, 2024 • 1 min read

• Last updated: Wednesday, June 5, 2024

Unemployment rate jumped in Q4 in New Zealand

Employment has been holding the US economy afloat, but recently we have seen some weak numbers from different employment figures. The April Non-Farm Payrolls (NFP) posted a slowdown, while yesterday the JOLTS Job Openings report was disappointing, extending the slowing trend and falling to the lowest level since February 2021. Today, we had the ADP employment report, which received increased attention for this reason.

US ADP Employment Report for May

The JOLTs job openings data for April, which was issued yesterday, continued to present a softening trend for the labour market, indicating the lowest hiring level in three years, with traders becoming sensitive to declining employment trends. The JOLTs report revealed that openings had fallen to 8.059 million in April, down from the estimated 8.355 million in March.

However, the Non-Farm Employment (NFP) report will take most of the attention regarding the US labour market this week. The NFP is expected at 185K. This follows a lower-than-expected figure of 175,000 last month. However, before that, we had the ADP employment figures a while ago.

ADP Employment Report for May

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

ADP Details:

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

ADP Employment 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

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.