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ADP jobs survey encouraging

In addition to the excitement over weekly claims, the market today is also impressed with the strength of the ADP jobs survey, which rose more than twice as much as expected (+157K vs +70K). This naturally increases the chance that the official private sector jobs number released tomorrow will be stronger than expected, perhaps on the order of +160K or more. Both numbers will reinforce the notion that the much-ballyhooed economic slowdown of recent months wasn't much more than a temporary thing that had more to do with supply-chain disruptions in the wake of the Japanese tsunami and a spike in energy prices, than with the beginnings of a double-dip recession.

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