Private Payrolls Portend Problems

This months' BLS number will be especially exciting. The consensus is a solid growth of 190,000 jobs. Meanwhile, the projections range from negative 40,000 to positive 300,000. To top it all off, the private payroll just came in.

U.S. private employers cut 23,000 jobs in March, missing expectations for an increase in jobs although fewer than the adjusted 24,000 jobs lost in February, a report by a private employment service said on Wednesday.

"It throws a little cold water on the idea we were going to be adding jobs in March, which is a little disappointing, people thought finally this might be the month," said John Canally, investment strategist and economist for LPL Financial in Boston.

That should scale back most predictions. There's only six months of employment data left after this.