The expectation-shattering ADP jobs report was all traders could think about yesterday. It reaffirmed that higher rates are all but certain.
, 496,000 fewer than April. It was also below the estimate of 9.9 million consensus estimate.
Put together with the ADP jobs report, we see a picture of lower demand for workers from companies, and more people in jobs — in other words, the U.S. labor market inching towards equilibrium., out tomorrow, will give us a clearer view. Economists expect a 240,000 rise in payrolls and an unemployment rate of 3.6%. But we all know how expectations tend to turn out when it comes to the U.S. jobs market.
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