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ADP jobs report stronger than expected



ADP released yet another set of revisions to its projection of the change in private sector payrolls that is reported by the BLS. As the chart below shows, ADP's numbers now track the BLS numbers fairly closely. If that track record continues, we are likely to see the BLS change in private payrolls, to be released Friday, come in a bit stronger than the 170K that is currently expected, since ADP's February number was somewhat stronger than expected (198K vs. 170K). Regardless, it is likely that jobs are growing by something like 150-250K per month, nothing to get very excited about, nor anything to worry about.


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