The ADP national employment report came out this morning showing 42,000 new jobs created this last week. The previous week’s report was a -32,000 jobs, so the labor market had a statistically strong turnaround over the last seven days.

ISM services index, which is a survey of 400 non-manufacturing firms, was published this morning. Last week was a 50. Just like it sounds, that’s the middle of the road. Analyst expected to see a reading of 50.7, but what we got is an optimistic 52.4.

Obviously, mortgages being keen on pessimism, these two reports are putting upward pressure on interest rates once again.