Labor market data via ADP

I’ll quickly start with mortgage apps that were down 5.2% w/o/w with purchases lower by 4.4% and refis declining by 6.8% w/o/w. The purchase index in particular is just shy of the lowest since 1995.

ADP said 152k private sector jobs were added in May, 23k below the estimate and April was revised down by 4k to 188k. Small business shed 10k jobs but was mixed within as those businesses under 20 employees added them while those between 20-49 dropped them. Median and large companies added the balance in somewhat similar amounts.

Industry wise, the service sector again dominated with trade/transportation/utilities leading the way, adding 55k, followed by the always consistent education/health services and leisure/hospitality. Jobs were lost in ‘information’ which includes tech, by 7k and in professional/business services of 6k.