Here come private payrolls ...

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

Expectations are for the report to show payrolls grew by 223,000 in January, down from 241,000 in December.

In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro said that while ADP isn't all that reliable of an indicator for the government's payroll release, set for Friday morning.

Shepherdson wrote that the best guide to the ADP headline is last month's payroll, though he added that, "Sometimes, this idea fails miserably."

But either way, the ADP report is the first in a string of labor market data we'll get before Friday, and we'll be back with the live ADP data when it hits.