ADP Employment
March’s ADP private-sector Employment report started today’s activities at 8:15 AM ET. The payroll processor announced 155,000 new jobs were added to the economy, exceeding forecasts of 120,000. There was also an upward revision of 7,000 to February’s previously announced number, indicating the private sector labor market may be stronger than thought. As a sign of employment strength, this report has to be labeled bad news for bonds and mortgage pricing. However, the markets are focused more on this afternoon’s events that may have a long-term impact on the economy.