Possibly some good news on the US labor market front today from the ADP payroll report which showed an increase of 40,000 jobs for the month of May. As seen above, the ADP report has tended to over estimate job growth when compared to the BLS numbers in recent months. From adpemploymentreport.com:
Nonfarm private employment increased 40,000 from April to May 2008 on a seasonally adjusted basis, according to the ADP National Employment Report™. The estimated change in employment from March to April was revised up from an increase of 10,000 to an increase of 13,000.
The market will take this number as a positive however it is a mere sidehshow to the main event on Friday when the BLS releases the Non-farm payroll report.