Booming ADP Employment, Stable Unemployment Claims Set Stage For Friday's Key May Jobs Report
Portfolio Pulse from Piero Cingari
The ADP Employment Report showed a better-than-expected increase of 278,000 private jobs in May, while the Department of Labor reported a lower-than-anticipated rise in unemployment claims. These figures set the stage for Friday's key nonfarm payroll report by the Bureau of Labor Statistics.
June 01, 2023 | 12:46 pm
News sentiment analysis
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POSITIVE IMPACT
ADP reported a better-than-expected increase of 278,000 private jobs in May, indicating a strong labor market.
The better-than-expected job growth reported by ADP indicates a strong labor market, which could positively impact ADP's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Gold, tracked by SPDR Gold Trust (GLD), ticked 0.1% higher.
Gold prices increased slightly after the ADP Employment Report, which could have a positive impact on GLD in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Futures on the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (SPY), were up 0.15% ahead of the opening bell.
The positive ADP Employment Report led to a slight increase in S&P 500 futures, which could have a positive impact on SPY in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The U.S Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), was flat for the day.
The U.S Dollar Index remained flat after the ADP Employment Report, indicating that the news had a neutral impact on UUP in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50