ADP Employment Report

Employment Change according to ADP declined substantially the past month. This mornings ADP reported that private employment rose by 119k from March to April. Market expectation was that it would be over 183k. ADP employment doesn’t mirror NFP very closely, so this report should have a limited impact on the markets. But this is a weak number. Tomorrow’s economic data includes weekly initial jobless claims as well as the ISM Non-manufacturing index. We still don’t expect to see a lot of market movement until Friday’s employment report is out. In the meantime, rates will continue to sit around all time lows...

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