Analysts at TD Securities note the U.S. ADP series has not been a reliable indicator of what to expect in the BLS report, but it can be market-moving nonetheless.

• "We see upside risk for the December ADP data, even as we see downside risk for payrolls on Friday. The data diverged in the opposite direction in November: A weak 67K rise in the ADP series was followed by a 254K surge in private payrolls (266K in total). In Fedspeak, Governor Brainard will be speaking on the Community Reinvestment Act."