The U.S. economy will be in focus yet again Tuesday with the release of the ADP employment report and the Institute for Supply Management non-manufacturing index.
The ADP’s monthly employment report will provide further clues on the continued deterioration of the of the U.S. labor market. Economists polled by Bloomberg expect 9 million jobs losses in the private sector in May, following a record 20.24 million job losses in April.
ADP’s private sector employment report comes ahead of Friday’s Bureau of Labor Statistics’ report — as well as heightened concerns about the deteriorating U.S. economy due to the deadly coronavirus pandemic. Though the ADP report is not always a reliable indicator of what the BLS report will illustrate, it could still provide some insight into the current status of employment in the U.S.
Meanwhile, shortly after the opening bell, attention will shift to the U.S. services sector with the release of the ISM non-manufacturing Index reading for May. Like Monday’s release of the ISM manufacturing survey for May, the non-manufacturing survey is expected to show that the services sector improved since April. Economist expect ISM non-manufacturing rose to 44.5 from 41.8 in April.
“Many states allowed some service sector activity to re-open in May, including an expansion of curbside pickup in Texas. That re-opening activity was reflected in Markit’s flash service PMI in May, which surprised to the upside, rising 10.2pp to 36.9. In addition to Markit, the Dallas Fed’s service sector outlook survey rebounded sharply during the month, as did a similar measure from the Philly Fed,” Nomura economist Lewis Alexander said in a note to clients May 29.
Alexander also noted that despite the improvements, activity still contracted by most measures, and reopenings have mostly slowed the pace of contraction as opposed to causing an outright increase in activity in May.
Notable earnings announcement scheduled for Wednesday include American Eagle Outfitters (AEO), Campbell’s Soup (CPB), Canada Goose (GOOS) before the market open.
Reprinted from Yahoo Finance, the copyright all reserved by the original author.
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