The Bar Is Really Low For Friday’s Jobs Report #NFP

Perhaps the most notable development in the run-up to Friday’s jobs report is just how low the bar has been set.
The fact that the survey period over which the U.S. Bureau of Labor Statistics collected data for the report (the week that included the 12th of February) coincided with nasty winter storms has received a ton of attention on the Street and in the press.

Moreover, Wednesday’s economic data docket delivered two data points that further served to reduce expectations. The first one was payroll-processing firm ADP’s February National Employment Report, which estimated only 139,000 workers were hired to private-sector payrolls last month (below market economists’ consensus 155,000 forecast). The second one was the Institute for Supply Management’s February survey of non-manufacturing firms (the non-manufacturing sector accounts for around 80% of U.S. economic activity), the results of which were indicative of the first monthly contraction in hiring since 2010.

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