US: Focus on ADP employment data today - BBH

Research Team at BBH suggests that the ADP estimate of US private sector employment is the most important report today and will garner maximum investor’s attention.  

Key Quotes

“A gain of around 190k is expected.  Productivity and unit labor costs for Q4 16 that will also be reported are functions of last week's revised GDP report.  Recall that contrary to expectations, there was no upward revision.  This warns of risks to survey expectations of a small increase in productivity and a tick down in unit labor costs.”

“Canada reports Q4 productivity and housing starts and permits.”