US: NFP in the limelight after ADP employment rose 172k in June - Westpac

Imre Speizer, Research Analyst at Westpac, notes that the US ADP employment rose 172k in June (vs 160k expected).

Key Quotes

“The service sector recorded gains while the goods sector saw losses. Jobless claims were 254k (vs 269k expected). Claims so far in July are below the averages in the past four months.

Non-farm payrolls data for tonight should show a reboun in June, the median estimate being a 180k gain, Westpac estimating 190k. We may also see upward revisions to prior months. In coming months, the average should settle between 150k and 200k. The unemployment rate should stabilise below 5.0%.”