US DATA REACT: From JPM: “The key thing to note is that the
February snowstorms probably had a much smaller impact on the ADP report
than they will have on Friday’s report from the Bureau of Labor
Statistics. Given this, we continue to expect that the BLS report will
show a 120,000 drop in private nonfarm employment and a 90,000 drop in
total nonfarm employment.” From Nomura: ADP “ranks as the most
encouraging jobs-related reported in over two years. If the trend of
improvement now evident in these reports continues, private sector
payrolls should soon be growing again.”
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