US: ADP employment likely to print close to 189k number - TDS

In view of the analysts at TDS, US ADP employment is expected to confirm a robust pace of private sector hiring in February, with the market predicting a 189k pace of job growth, in line with estimates for nonfarm payrolls.

Key Quotes

“Initial jobless claims are projected to rebound following last week’s unexpected plunge, though the market consensus of 238k still points to a diminished level of labor market slack. Revisions to nonfarm productivity and unit labor costs are expected to be modest; TD looks for nonfarm productivity to be revised higher to 1.6% q/q (saar) from the initial 1.3% print, slightly above the 1.3% consensus. For ULC we are less upbeat and look for a downward revision to 1.4% q/q (saar) from 1.7%, slightly below the consensus for 1.6%.”