The ADP employment report predicts a gain in nonfarm payrolls of 187,000, 47,000 more than economists are projecting for Friday’s payroll report. Historically the ADP report has been a reasonable predictor of the private nonfarm payroll report, but some of that credibility was lost last month. You may recall ADP then projected private job growth of 297,000 but the payroll report only showed an increase of 113,000.
Friday’s Labor Department report is projected to show 140,000 new jobs were added in January the unemployment rate rising to 9.5% form 9.4%.
This morning bond prices have turned lower, yields higher, with the 10 year note currently trading at 3.47%.
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