Politics aside, recent history has illustrated that the ADP figures aren’t exactly gospel. Month after month, they have diverged from the Labor Department’s more resilient payroll numbers, often undershooting by landslide margins. That disconnect is why Powell & Co. have looked to broader indicators to assess the health of the labor market.

U.S. stocks are drifting in tentative trading following a potentially discouraging signal on the job market and economy. The S&P 500 edged up 0.2% Wednesday and lost some some momentum after a big rally drove it back within 3% of its all-time high.

Wall Street remains listless on Thursday, as the countdown ticks toward Friday’s highly anticipated jobs report.