ADP Employment Report: 257,000 jobs added to the economy in December

ADP is calling for unusual strength in Friday's employment report, at 257,000 for private payrolls which is far outside Econoday's consensus at 190,000 and well outside the high estimate for 227,000. Strength of this degree would underscore the health of the labor market and would begin to seal expectations for a rate hike at the March FOMC. ADP isn't always an accurate barometer for the employment report but today's results could definitely affect the markets.

Challenger's layoff count fell sharply in December, to 23,622 from November's 30,953 for the lowest monthly level since all the way back in June 2000. The results are yet another confirmation of full employment.