The ADP Report Is Better Than Expected

Reuters reported this morning that private sector job losses slowed slightly in January, ADP Employer Services said on Wednesday in a report that came in slightly below economists’ expectations.

ADP said private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December. The December job cuts were originally reported at 693,000.

http://finance.yahoo.com/news/Private-sector-job-cuts-slow-rb-14248331.html

This is good news for the economy but not necessarily good news for interest rates although mortgage-backed securities are currently trading to the upside by 9 basis points.