May ADP Employment Change Misses Horribly

The May ADP jobs report was just released and the results missed expectations horribly, and futures are dropping sharply on this news. For the month of May, just 38,000 jobs were created, versus estimates of 175,000 jobs. April was revised down to 177,000 a drop of 2,000 jobs. Futures, which were modestly lower going into the report are now solidly lower. At last check, Dow futures are off 40 points, S&P 500 futures are lower by 4.9 points, and NASDAQ futures are off 9 points.