ADP Employment
November’s ADP Employment report showed only 103,000 private-sector jobs were added last month, falling short of the 127,000 that was predicted. A downward revision to October’s number is skewing the results a little (from 113K to 106K), but we still can label the report favorable for bonds and mortgage rates since it is a sign of slowing labor activity. It is worth noting though, this report is not accurate as an indicator of what Friday’s detailed and more influential governmental Employment report is going to reveal.