Shockingly strong jobs numbers from the US on Thursday – Goldman Sachs shrugs them off

<p>The ADP number came in super-strong in data from the US on Thursday:</p><ul><li><a href="https://www.forexlive.com/news/us-june-adp-employment-497k-vs-228k-expected-20230706/" target="_self" rel="follow">US June ADP employment +497K vs +228K expected</a><ul><li>The ADP number was shockingly strong, setting up what could be a 15th consecutive beat on non-farm payrolls tomorrow.</li></ul></li></ul><p>Goldman Sachs shrugged it off:</p><ul><li>We suspect a distortion in the ADP seasonal factors contributed to
the strength, as ADP employment growth had picked up in June in 6 of
the last 7 years</li><li>We left our nonfarm payroll forecast unchanged at
an above-consensus +250k </li></ul><p>JP Morgan, though, are wary:</p><ul><li>ADP has generally not tracked BLS private nonfarm payrolls that well
over time</li><li>but today’s report does hint at some potential upside
risk to our call for a 165,000 gain in private payrolls (200,000
headline).</li></ul><p>the data is due at 8.30 am US Eastern time:</p><p align="left">
This
snapshot from the ForexLive economic data calendar, <a href="https://www.forexlive.com/EconomicCalendar">access
it here</a>.</p><ul><li>
The
times in the left-most column are GMT. </li><li>
The
numbers in the right-most column are the 'prior' (previous
month/quarter as the case may be) result. The number in the column
next to that, where there is a number, is the consensus median
expected.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.