Early Jobs Report Misses the Mark

Just a little while ago, ADP released its private Employment Change Report for February. Analysts expecting 205k new jobs were disappointed in the actual results of just 117k. January’s 174k was revised to 195k.

Earlier, the Mortgage Bankers Association reported that for the week ending February 26th, Mortgage Applications rose 0.5% after the previous week’s 11.4% swoon. New purchase applications rose 1.8% after falling 11.6% the prior week, while Refis increased 0.1% after the prior week’s 11.3% drop. A little later, Markit U.S. will be reporting that its PMI for Services was probably unchanged last month at 58.9. The Institute of Supply Management will then release its own Services PMI and it is expected to remain unchanged at 58.7.

In early trading, Treasury prices continue to fall and that has resulted in a 2.25% yield for the Long Bond and puts the Ten-Year at 1.46%. The Two-Year is unchanged at 13 basis points as the curve’s slope steepens a bit more. Crude oil is up less-than-a-dollar to $60.51 while gold’s $24 plunge puts that prices at $1,714. Equity markets are flashing green in pre-opening activity.