ADP Jobs Preview Brings Huge Revision

In a precursor to tomorrow’s Jobs report from the BLS, ADP payroll services released its own employment report for June and its results were much less startling than the revision to May’s tally. First reported as a 2.76M decline in the jobs count, this morning’s report revised that result to a gain in May of 3.07M. One wonders what they missed the first time around. Its reported June jobs growth of 2.37M came in a little light compared to the estimated total of 2.9M. Meanwhile, Challenger, Grey, and Christmas reported that, in June, Job Cuts rose 305.5% on a year-over-year basis and that’s down from the prior month’s increase of 578%. It’ll take a while for that twelve month look-back to come down. Also out this morning was a report from the Mortgage Bankers Association that new Mortgage Applications fell 1.8% for the week ending June 26th.

A little later today, the Institute of Supply Management will report its new PMI index for Manufacturing and its expected to come very close to regaining an expansionary value of over “50.” May’s value was 43.1.

As investors greet the day, bond prices have slipped a touch and that has pushed the Ten-Year’s yield up a few basis points to around 0.68%. The Two-Year remains stuck at 0.15%. Crude oil is up slightly to almost $40 while gold is flat at $1,781.