The U.S. stock market had quite the bull run on Wednesday, resulting in a steep decline in bond prices. This morning mixed economic data has the stock market trading flat; however, bond prices are again lower.
The ADP private jobs report was expected to show employers added 100,000 new jobs in May; however, the actual data was half that number at 55,000. Positive economic data came from the Institute for Supply Management as this group reported the non-manufacturing sector of the economy expended for a fifth straight month. In addition, new orders at U.S. factories rose 1.2%, after declining the previous month.
Keep in mind tomorrow the Labor Department will release the jobs data for May, which is expected to show 500,000+ new jobs were added to the U.S. economy. Yes, this is a large number, which includes a significant amount of temporary workers hired by the Census Bureau.
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