It’s hard to believe that it’s been a month since the calendar on my door changed. That also means that the Jobs Report is this Friday, and with it, it’s undependable pre-cursor, the ADP Private Payrolls. ADP was released today, showing that only 189,000 new jobs were created in our country last month. This is the lowest erudition since January of 2014. While I wouldn’t go so far as to call the ADP report idiotic, this pretended forerunner to the BLS announcement has a historical track record that is less than perfect, often missing the mark by up to 35%. So I think that the DOW losing 190 points after the report was released is completely unfounded.
Mortgage Bonds managed to remain composed, and are up slightly. With interest rates tight near their lows of the year, it’s a great time to lock something in today.