The ADP jobs report out this morning showed 129,000 new positions were produced for March. This report is not official and only covers the private sector. It is also often at odds when compared to the official report that is due out on Friday. The official report is considered more accurate, but that may not always be correct.
Friday the estimated number of jobs the government will say was produced in March is supposed to be about 179,000; up from a bad report in February of only 20,000. The weekly unemployment claims numbers, which is a leading economic indicator, suggests the jobs report should come in as expected because those weekly numbers remain very low. There are jobs to be had.
So why did we have such a poor showing in the retail sales numbers for February down .2%? There was clearly softness in the economy in the later part of the year as many economic reports indicate. Let’s hope things change in the coming months.