Here come ADP private payrolls ...

The February report on private payrolls from ADP is set for release at 8:15 am ET.

Expectations are for private payrolls to grow 219,000 in February, up from 213,000 the prior month.

This is the first of three straight days of jobs data this week, which will culminate in the big February Jobs Report from the BLS.

In a note to clients on Wednesday, Ian Shepherdson at Pantheon Macro noted that while the ADP is a much-watched number ahead of the jobs report, it is not a leading indicator, meaning that strength or weakness seen in Wednesday morning's report should not be seen as portending a certain outcome on Friday.

Shepherdson wrote: "As last month's payrolls usually look a lot like the next month's, this means ADP can be mistaken for a true advance indicator. But it is not, as far as we can tell."

We'll be back with the live numbers when they hit.