The national employment report from Automated Data Processing Inc. is computed from ADP records that represent approximately 400,000 U.S. business clients and approximately 23 million U.S. employees.
- ADP hasn’t been getting much attention lately, but earlier it issued the ADP May employment report and may be indicating a moderate (but positive) Friday Employment Report, at 178,000 growth in private payrolls for May.
The second reading of the Q1 GDP report was also released earlier by the U.S. Department of Commerce and the headline number showed 2.2 percent annualized growth, meeting analysts’ estimates.
- Nonresidential investment showed 3.1 percentage point upgrade to a 9.2 percent annualized rate while investment on the residential side gets a 2 point downgrade to a minus 2.0 percent rate.
- Inventories increased by $20.2 billion in the quarter, down from $33.1 billion in the first estimate, while net exports totaled minus $650.9 billion vs an initial $645.9 billion.
The Federal Reserve’s Beige Book, is due later today and may offer new details on the effects of tariffs and indications that business prices are on the rise.
Companies hosting earnings conference calls today include: Guess?, Chico’s FAS, DSW, Dick’s Sporting Goods, Analog Devices, Michael Kors Holdings and Semtech.
