The calls for an economic soft patch are growing louder in the face of the ADP print today above expectations. The 13 weeks of weekly claims above 400,000 is not being dismissed simply not discussed.

Keep in mind what ADP and NFP reported before the start of the Great Recession. Additionally remember GDP was 2.9% in Q4 2007 even though the recession began in December of that year and Q1 2008 would contract at 0.7%.

Imagine the calls in December 2007 of the soft patch or the "Goldilocks" economy.