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Why this number is a big deal Thursday

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Fed: Tight labor markets pushing up wages

ADP payroll data could have a little more clout Thursday after it foreshadowed last month's disappointing employment report.

In addition to ADP, traders are also watching OPEC's meeting in Vienna, which could have impact on oil for months to come, as well as comments from European Central Bank President Mario Draghi after the ECB meeting early Thursday.

The private sector ADP payroll report is not widely seen as a reliable indicator for the government's jobs report, expected Friday, but last month it reported just 156,000 jobs. Two days later, April nonfarm payrolls came in at just 160,000, 40,000 shy of expectations. According to Thomson Reuters, 175,000 jobs are expected for May from ADP, while 162,000 nonfarm payrolls are expected in the government report Friday.

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