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Daily Roundup of Key US Economic Data for June 3

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ADP private payrolls rose by 122,000 in May, led by a 57,000 gain in education and health services jobs and a 36,000-jobs gain in trade, transportation and utilities.

The ISM's services index rose to 54.5 in May from 53.6 in April, with gains in the readings for production, new orders and prices, but a decline for the employment reading.

The S&P Global nonmanufacturing index was revised lower in May to 50.7 from the flash 50.9 estimate and was still below the 51.0 reading in April.

Factory new orders rose by 4.8% in April with transportation orders up 21.6% and the remaining categories combining for a 1.3% gain.

Durable goods orders were revised up to an 8% gain, while nondurable goods new orders rose by 1.4%.

Factory shipments increased by 1% and factory inventories rose by 0.3%. When combined with already-published advance estimates for retail and wholesale inventories, business inventories are on pace for a 0.5% gain in the month.

The Mortgage Bankers Association reported a 2.5% decline in mortgage applications in the week ended May 29, continuing a string of weekly declines. Refinancing activity and new home applications both declined even as mortgage rates moved lower.

Total crude oil inventories fell by 16 million barrels in the week ended May 29, with commercial oil inventories down 8million barrels and stocks in the US Strategic Petroleum Reserve down 8 million barrels. Gasoline inventories and distillate inventories both increased last week.

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