ADP: +2.369 Million

The first half of 2020 is officially on the books. The S&P 500 fell 20% during the first quarter and it rallied 20% during the second quarter. Perhaps that’s fitting for the year 2020.

This morning, ADP said that private payrolls increased by 2.369 million in June. The expectation was for a gain of three million. The number for May was revised from a loss of 2.76 million to a gain of 3.065 million. The lockdown seems to have screwed with so much economic data.

The ISM Manufacturing Index rose to 52.6 for June. That’s up from 43.1 in May. Bear in mind that the ISM is always in relative terms. It’s only concerned with things improving or worsening, not in the overall standing. Wall Street had been expecting 49.0.

The S&P 500 is currently up about 0.5% today.

Posted by on July 1st, 2020 at 11:06 am


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