U.S. Economy


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    U.S. Trade Deficit Widens In May As Exports Tumble Most In 3 Months
    Shaky State Finances Put Pensions At Risk
    We’re About To Enter Peak Hot Dog Season
    Services Sector Activity Growth Slows In June
    Americans Really Do Have To Work Harder To Stay Middle Class
    Minutes To Help Crack Code Of Fed Rate Strategy
    The (Inadequate) Case For Economic Pessimism
    Payrolls Reaction: Stocks, Bonds, Bullion Bid; Dollar Dump-And-Pump
    Americans Not In The Labor Force Soar By 640,000 To Record 93.6 Million; Participation Rate Drops To 1977 Levels
    Train Carrying Toxic Gas Derails In Tennessee, Catches Fire; Thousands Evacuated
    Employers Added 223,000 Jobs In June
    What’s America’s Favorite Fast Food Chain?
    Finally, Some Good News In A Depressing U.S. Income Inequality Chart
    U.S. Hiring Seen Solid In June, Keeping September Rate Hike In Play
    Workplace Perks That Are On The Rise

    ADP Employment Surges To Best Since Nov 2012

    Today’s epic catch-up in ADP jobs data (nicely extrapolated off the back of last month’s NFP) is the biggest beat since Dec 2012 and biggest gain in jobs since Nov 2012, printing at 281K, up from 179K, and smashing expectations of 205K – in fact the number came above the highest estimate of 250K. While ISMs and PMIs are missing expectations – and notably small businesses in those surveys saying they are not seeing benefits – ADP claims that small businesses gained the most jobs. Of course, we assume the seasonal adjustments had nothing to do with that: from biggest miss in 4 months to biggest beat in 21 months, which is supposedly, normal.

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