The ADP survey was broadly in line at 517k, if a little lower than the consensus of 550k. When we are talking about hiring of this magnitude, the error bars widen pretty substantially. It shouldn’t have much of an impact, given that there are more momentous considerations today, including month-end. Still, at the very least it confirms that the labor market appears to be picking up steam as the economy gradually re-opens...a key plank in many popular investment themes these days.