ADP is releasing February jobs creation showing that private sector added 216,000 jobs. Dow Jones was calling for 215,000 and Reuters was calling for 216,000. This is a good figure and it should tame some of the market fears, but it is also in-line enough that it should not be a huge barometer today.
The data really is meant to act as a front-running tool for Friday’s non-Farm payroll changes. The Labor Department will release that data on Friday and the current estimate from Bloomberg is for a 204,000 consensus on the non-farm payrolls.
Unemployment is expected to remain flat at 8.3%.
Another issue which may have some influence is the Weekly Jobless Claims and those are expected to be flat at 351,000 per Bloomberg data.
JON C. OGG
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