The ADP employment report was delayed by a day due to the US holiday so it will be released today at 8:15 am ET (1215
The ADP employment report was delayed by a day due to the US holiday so it will be released today at 8:15 am ET (1215 GMT). The consensus is +300K and that should provide somewhat of a guide ahead of Friday’s non-farm payrolls report.
Jobs will also be in focus with the initial jobless claims report 15 minutes later. With that we also get revisions to US Q1 productivity data.
The next main event comes at 10 am ET with the April factory orders report, which is expected to show a 0.7% increase. Looking deeper into the future, the factory outlook is darkening. Yesterday, a number of a automakers reported a sharp slowdown in US sales.
- Honda -57.3%
- Toyota -27.3%
- Mazda -63.7%
- Nissan -29.1%
Backlogs and inventory building should help to keep them busy through year end but there’s a growing chance of a sharp slowdown in 2023.
Along with the factory orders report, we get revisions to durable goods data.
Also delayed this week due to the holiday is the weekly US crude oil inventory report. The API data was moderately bullish but it will all be overshadowed by the OPEC meeting, which is at 8:30 am ET (2:30 pm in Vienna).
On the central bank calendar we get:
- BOC’s Beaudry 11 am ET
- Fed’s Logan noon ET
- Fed’s Mester 1 pm ET
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