ADP Employment
Tomorrow has two releases set for release, starting with May's ADP Employment report at 8:15 AM ET. It has the potential to cause some movement in the markets if it shows much stronger or weaker numbers than expected. This report tracks changes in private-sector jobs, using ADP's payroll processing clients as a base. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not very accurate in predicting results of the monthly government report that follows a couple days later. Still, because we sometimes see a reaction to the report, we will be watching it. Analysts are expecting it to show that 9.0 million private sector jobs were lost during the month as a result of the pandemic and shutdown. The larger decline in jobs, the better the news it is for mortgage rates.