ADP Nonfarm Employment Change (May) 278K vs 170K Est.
Portfolio Pulse from Benzinga Newsdesk
ADP reported a nonfarm employment change of 278K in May, significantly higher than the estimated 170K.
June 01, 2023 | 12:17 pm
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POSITIVE IMPACT
ADP's nonfarm employment change of 278K in May, higher than the 170K estimate, may positively impact the overall market sentiment.
The higher-than-expected nonfarm employment change reported by ADP indicates a strong labor market, which can lead to increased consumer spending and economic growth. This positive news may boost overall market sentiment, potentially leading to a short-term positive impact on the SPY ETF.
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IMPORTANCE 60
RELEVANCE 50