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March ADP Figures Shouldn't Move Needle For Friday's Nonfarms

DATA REACT

ADP March private sector payrolls miss by 33k to the downside vs consensus at +517k (+550k expected), but that's more than made up for by the revision to the Feb figures of +59k (117k to 176k).

  • Services jobs + 437k, led by leisure and hospitality (+169k), while goods-producing +80k.
  • Overall nothing to move the needle on expectations for Friday's nonfarm payrolls reading, seen at +650k (though the BBG 'whisper' number is +750k at this point).
  • Full ADP release at this link

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