We just got the ADP jobs report. It came in better than expected.But frequently ADP doesn’t line up well with Non-Farm Payrolls, and the number is discounted.
This time may be an exception.
It’s another busy day on the data front today with employment and manufacturing data out of the US in addition to the Fed’s Beige Book. Our economists note that in February ADP realigns its data series with the BLS data benchmark, which makes its February private employment report a good signal for what to expect from Friday’s employment report. In line with their forecast for BLS nonfarm payrolls, they expect ADP to announce net 175k private sector jobs were added in February. Given the sharp decline in durable goods orders in January, they further expect factory orders to have declined by 2.3%.
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