Now Is The Time To Place Your Bet: ADP Or Economists?

This Friday is jobs Friday. At 8:30 a.m. ET, the BLS will release its initial estimate of job growth for the month of March. As a precursor to the biggest indicator of them all, yesterday’s ADP employment report came in at +191K for March, much less than the +215K the market expected. The ADP jobs figure is for private sector jobs only. The initial reaction from economists was one of credibility, with many economists questioning whether ADP had any. Bank of Tyoyo-Mitsubishi’s Chris Rupkey sums up this group of economists’ feelings: A lot of swings and misses for ADP when…