Thursday, July 7, 2011

ADP Surprises to the Upside at 157,000 Offsetting Previous Month's Dreary Data

The ADP report came in at 157,000 this morning, ahead of expectations.  Averaging this data with the really weak May data (a revised +36,000) and you get just under 100,000 private sector jobs created on average the past two months.  Not enough to bring down the unemployment rate, but in the very short term focused world of the stock market every data point is celebrated or booed in a vacuum.  This should raise expectations slightly for tomorrow's government data.

Goods producing came in at +27,000; service producing +130,000.

[full report here]

In central bank news the ECB raises rated a quarter  point as expected while BOE kept rates flat as expected.

We remain in party on mode in the market.

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