Here come ADP private payrolls …
ADP Research Institute will release its monthly report on private-sector employment at 8:15 a.m. ET.
Economists forecast that private payrolls increased by 180,000, according to Bloomberg.
Here’s a preview from Craig Erlam, a senior market analyst at Oanda:
Ahead of tomorrow’s jobs report, the ADP release will be the most closely watched, despite its tendency to not provide an accurate indication of the official NFP release. A number in line with expectations would suggest tomorrow’s number will be good enough to convince the Federal Reserve that a hike at the meeting in two weeks’ time is still a good decision.
Given the data we’ve seen since the start of the year though, a bad report tomorrow may worry some officials and it will be interesting to see what that does to market expectations, with a hike currently 91% priced in, according to the CME Group FedWatch Tool.
SEE ALSO: Most of America is seeing modest economic growth, Fed says
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