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June ADP, Comes in Below Expectations

July 1st, 2009 Michael McDonough
June’s ADP release came in at -473,000, implying there could be some downward pressure placed on forecasts for tomorrow’s payroll data. Currently, the market is forecasting a -350,000 change in payrolls; I believe we could see this number actually come in around -440,000, which is still much better than the six month average, but below current estimates.
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