1) At 8:15am ET, ahead of the government’s non-farm payrolls report tomorrow, ADP released its employment report, showing a slightly disappointing gain in private sector jobs in May (up 55,000 vs. up 60,000 consensus). However, April’s number was significantly revised upwards, doubling from 32,000 to 65,000.
2) Then at 8:30am ET, weekly jobless claims were also released, coming in essentially inline with estimates (453,000 vs. 455,000 consensus) while Q1 productivity was revised slightly below expectations (up 2.8 percent vs. up 3.3 percent consensus).
In focus this morning were the May same-store sales from U.S. retailers. The retail sales numbers were simply a very mixed bag:
Beating estimates were department stores Macy’s and Kohl’s, apparel stores Limited, Gap and Aeropostale, discounters Target and BJ’s Wholesale Club, and off-priced stores TJX and Ross Stores.