ADP Jobs +38,000
ADP Jobs is an early indicators of BLS which will be out Friday. ADP is weighted to private sector jobs and with public sector jobs declining this is not good news.
Week-to-week changes in applications last week
– Purchase Index – 0.0 %
– Refinance Index -5.7 %
– Composite Index -4.0 %
Construction Spending (April) +0.4%
ISM Manufacturing Index for May was 53.5 – below previous and consensus.
Big Picture:Not only is U.S. economic growth weakening but Japan is still suffering from the tsunami, the E.U. is refusing to address debt problems and China’s economic growth is slowing. Other than that, things are just fine.