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Right in line…
216K is 1K ahead of estimates of 215K.
This is probably a minor disappointment since more and more people were expecting a major boom, and had raised their estimates towards the high 200Ks.
Basically a total snooze.
Here’s a look at the jobs report broken down by the type and size of business.
Note the strong gains in small business.
Here it is!
The ADP jobs report is the first big preview ahead of this Friday’s Non-Farm Payrolls report.
This measure — which is conducted by the payroll company ADP — only covers the private sector. So trends in public sector hiring (or layoffs, more realistically) don’t get captured.
Analysts are looking for a print of 215K, up from 170K last month. But the estimates are varied. Nomura, for example, is calling for a 260K print. Nomura also argues that February is the month when ADP has the most predictive powers.
Anyway, we’ll have the number here LIVE when it comes out at 8:15 AM ET.