Monday, 21 August, 2017

ADP Reports 253000 New Jobs in May; 'Rip-Roaring' Growth

Kelvin Reese | 02 June, 2017, 10:44

The bears were helped in their sales by the ADP employment data from the U.S. which came in at a much stronger than expected value of 253K which throws open the door for a strong NFP report and hence a possible rate hike in June from the Fed.

A key factories report released overnight revealed activity ticked up in May after two consecutive months of slowing. It gained 0.4 percent to 111.21 yen JPY= and $1.2845 per pound GBP= respectively.

Broken down by company size, medium-sized businesses hired 113,000 workers last month, while small businesses added 83,000, and large firms hired 57,000, the report showed. The onshore yuan rose to as high as 6.7878 per US dollar, its highest level since November. The dollar.DXY rose against a basket of currencies.

The ADP employment report showed 253,000 jobs were added in May, smashing economists' expectations for the creation of 185,000 jobs in the month.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 185,000 jobs, with estimates ranging from 155,000 to 240,000.

New French Government Unveiled, Le Drian Foreign Minister
Socialist Jean-Yves Le Drian was named foreign minister and prominent centrist Francois Bayrou as justice minister. The new Cabinet posed briefly for photographs on the front porch of the presidential Elysee Palace in Paris .

Portland train stabbing suspect has courtroom outburst
Christian served prison time after holding up employees at a convenience store with a gun in 2002, court records show. Last Friday, Christian allegedly stabbed two men to death and injured another man badly aboard a Portland metro train.

15-inch MacBook Pro Shipping Estimates Slip
If any, the advantages of the Touch Bar are far outweighed by the compromises that Apple took when designing the 2016 MacBook Pro. MacBook Pro 2017 official release date has not been announced yet, including the specs and price.

The dollar index has had its poorest fortnight since March of previous year due to an improvement in euro zone economic data at a time when USA equivalents have looked shaky and belief is evaporating in a boost from public spending to growth.

Chemical company PPG rose 1.5 percent as it shelved a campaign to buy paintmaker AkzoNobel after the Dutch acquisition target rejected three takeover bids from the United States company. Despite a 4.4 percent unemployment rate, there have been only limited inflation pressures, with the Labor Department reporting hourly wage growth of 2.5 percent in April.

San Francisco Federal Reserve Bank President John Williams said on Wednesday he sees a total of three interest rate increases for this year as his baseline scenario, but views four hikes as also being appropriate if the US economy gets an unexpected boost.

It was the 117th straight week that claims were below 300,000, a threshold associated with a healthy labor market.

The Commerce Department said spending on private construction also fell by 0.7% to an annual rate of USD943.3 billion in May. Mining has been one of the cornerstones of President Donald Trump's economic agenda, though critics doubt he can fulfill campaign promises to bring jobs back to the industry.

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