While the ADP private payroll monthly update (certainly before its wholesale revision every year or so to make it more accurate in retrospect) has traditionally been completely worthless in its predictive ability of the NFP number it precedes by two days, today it was the only source of US economic update, and as such everyone - certainly the handful of algos that trade stocks - at least pretended to pay attention when ADP reported the best private payrolls number since February 2012 (unrevised), printing at 198K, well above expectations of a decline to 170K from 192K in January. This was ... Read More