更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N North America Economic Research 04 June 2025 US: ADP was another downbeat jobs signal The ADP employment report showed only a 37k increase in private sector payrolls in May, continuing a trend of softer numbers, with this report now showing gains of less than 100k in three of the last four months. In contrast, the BLS report did not show a similar slowdown through April, with its 3-month average (148k) actually stronger than the 12-month average (130k). In add ...