Private Payrolls Add 178K Jobs In May: ADP

Moderate strength is ADP's call for Friday's employment report, at 178,000 growth in private payrolls for May which is slightly below the Econoday consensus for 187,000 and also slightly below the 185,000 consensus for actual private payrolls. ADP has been running hotter than actual data making today's result feel a bit soft. The outsized strength in prior readings is evident in ADP's revision to April which is unusually severe, from an initial 204,000 to 163,000 which brings it in line with the actual 168,000 from the government.