Early Jobs Report Comes in Strong

The ADP Employment Change Report for January was just released and revealed that private, Non-Farm Payrolls grew by 174k in January and that significantly beat the pre-release estimate of 70k. December’s job loss of 123k was revised to a smaller loss of 78k. Friday’s BLS report is also expecting a 70k boost to payrolls. A little earlier this morning, the Mortgage Bankers Association reported that for the week ending January 29th, Mortgage Applications grew by 8.1% after falling 4.1% the week before.

Treasury prices were slightly lower before today’s announcements and continue to look soft. The Ten-Year’s yield has moved up slightly to 1.12% with the Long Bond at 1.90%. Crude oil is up another half-dollar to $55.31 while gold is little changed at $1,837. DJIA futures have been bouncing back and forth between slightly green and slightly red.