UBS on the nonfarm payroll report due Friday - forecast etc.

UBS comment on the ADP report and how it impacts their expectations for the NFP (spoiler - it doesn't) In summary: ADP reported private payrolls up 178k in July, little different from the consensus forecast for private payrolls in Friday's employment report (180k) or our own forecast (165k)
UBS on the nonfarm payroll report due Friday - forecast etc.