US: ADP Employment to garner unusual attention due to the NFP - TDS

Research Team at TDS, suggests that the US ADP Employment will garner an unusual level of attention due to the implications for nonfarm payrolls on Friday.

Key Quotes

“Last week at Jackson Hole, FOMC Vice Chair Fischer commented that the payrolls report for August would have an impact on the Fed’s decision to raise rates in September. TD is above the market on ADP Employment and looks for a 184k print (market: 175k), though we expect payrolls to be materially weaker on Friday.

July pending home sales are due later in the morning and are expected by the market to post a 0.7% increase from June while TD looks for a decline of 0.6% m/m.”