ADP National Employment Report: +139K in February vs expectations of 150K. Major revisions to previous numbers, with the most recent months revised sharply lower as those months further back are revised significantly higher. Originally reported as a gain of 175K, January is cut to 127K. December cut to 191K from 227K, November raised to 245K from 215K, October to 196K from 130K, September to 215K from 166K.
“The ADP report has yet to prove itself as a particularly reliable predictor of the official nonfarm payrolls report.” (Goldman Sachs)