Private Payrolls Add Only 27K Jobs: ADP

ADP sees private payrolls coming in at a very weak and far lower-than-expected 27,000 in Friday's employment report for May. Forecasters expected today's ADP estimate to come in at a solid 175,000. The consensus for Friday's private payrolls going into today's ADP report was also for a 175,000 increase. Private payrolls rose 236,000 in April. ADP's forecast, one that if proves accurate would intensify expectations for a Federal Reserve rate cut, is likely to trigger at least some downward revisions among forecasters for Friday's results.