It's jobs week, so that means we're kicking things off with the ADP employment report for February this morning. And It missed expectations. Ugh.
117,000 private-sector jobs were added to the economy last month, the report says —a good clip fewer than the 177,000 economists had expected.
Even though the ADP report and the government's official look at the labor market due Friday morning aren't correlated, the former is a bit of a bellwether for how the official numbers might look.
Mid-sized companies, as well as the trade, transportation and utilities sector, saw the biggest job gains.
Meanwhile, the January ADP report was revised up, with 195,000 jobs added versus the 174,000 initially reported.