The ADP data lags initial claims by 2 weeks (and is a 4 week average, so the lag is actually bigger). It's worth chewing on what this indicator will soon look like if initial claims are correct! (Non-trivial "if")
Guy BergerPrivate sector employment growth as measured by ADP is still OK (+60K the last 4 weeks; probably enough to keep the unemployment rate from rising) but the slowest it's been since late March