US Non-farm payrolls is where the action is

The US brushed off the dip in the Chinese market with the contempt it deserved with the S&P500 and Dow powering on to new highs. As I said yesterday I think the most interesting news this week will be US non-farm payrolls. The ADP report on private sector employment released yesterday showed private sector jobs grew by 97,000 below the long term trend but not disastrous.

The market is estimating 150,000 new jobs to be reported from the labor department on Friday after the lack-lustre 88,000 rise in April. Remember April's number was influenced by a huge birth death adjustment so it will interesting to see not only May's figures but any adjustments to the April number.