ADP Employment
Tomorrow has an early morning report and an afternoon release that we will be watching. The first comes at 8:15 AM ET from payroll processor ADP who will announce their monthly private-sector employment estimate. Since it is not a government agency report, it isn't considered to be highly important. However, as with any employment-related data, it does draw some attention. This is especially true for this report because it is posted just a couple days before monthly employment figures are released by the Labor Department. I personally believe it is given more attention than it deserves, particularly because many rely on it to predict the monthly government figures, often without success. Still, if it shows a noticeable variance from expectations, it will likely cause movement in the markets and mortgage rates. Forecasts are calling for it to show 150,000 new private-sector payrolls.