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Bond Yields Rise on Expectedly Strong ADP and ISM Reports

07/06/2023

The monthly ADP report showed +497k jobs added to private payrolls in June, more than double the median forecast with the biggest increase in 16 months. Most of the job gains were concentrated in the worker-starved industries of leisure and hospitality (+232k) and construction (+97k). Notable job drain was evident in manufacturing (-42k). The May ADP survey also showed a rise in the quits rate and a decrease in layoffs. Both are consistent with an improving labor market.

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