ADP Non-Farm Employment (May) Actual -532K, Expected -525k, Previous -545k 
Release Explanation: This is a private report issued by Applied Data Processing, a major supplier of payroll services to 100's of businesses. The report estimates change in the number of employed people during the previous month, excluding the farming industry and government.
Normally issued the Wednesday before the government's NFP report, the report has suffered from a lack of accuracy with regards to the Department of Labor's report. The company recently announced it had upgraded its modeling systems in order to better reflect the official number.
Trade Desk Thoughts: According to Automated Data Processing (ADP) nonfarm private employment decreased by 532,000 from April to May, on a seasonally adjusted basis.
April’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 265,000. Employment in the goods-producing sector declined 267,000, with employment in the manufacturing sector dropping 149,000, its thirty-ninth consecutive decline.
Large businesses, defined as those with 500 or more workers, saw employment decline by 100,000, while medium-size businesses with between 50 and 499 workers declined 223,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 209,000.
In May, construction employment dropped 108,000. This was its twenty-eighth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,345,000.
Forex Technical Reaction: S&P futures have been trading under pressure all morning and the report has done nothing to change that. The dollar has strengthened slightly since the report was released.