ADP employment change missed for the 4th month in a row, printing at 191k vs 195k expected. 191k is the average level of the last two years so the trend is not improving and we suggest that this is not enough to move the scale of the taper or un-taper decision for anyone ahead of NFP. On a side note none other than Deutsche’s Joe Lavorgna was the highest estimate economist at a remarkable 275k – missing by a confidence-shattering 4 standard deviations.
Chart: Bloomberg
via Zero Hedge http://ift.tt/1ks57l5 Tyler Durden