HERE COMES ADP...

Consensus is for 205,000, up from 179,000.

Pantheon Macro's Ian Shepherdson, who hates this report, nonetheless believes we are in for a big surprise to the upside. "The May number was a bit unusual in that it was significantly weaker than implied by the official April payroll data, for reasons which are not clear. Our first chart shows, though, that a decent rebound in June is a decent bet. In order to recover most of the ground lost in May, ADP needs to rise by about 240K. The consensus forecast is only 205K, so the scope for a surprise is quite large."