- Nonfarm Payrolls
- 2.509m vs -8m forecast
- Unemployment Rates
- 13.3% vs 19.8% forecast, 14.7% previously
People sometimes cast aspersions on ADP employment data, but who's laughing now? No one actually. Those who are hoping for a strong economic recovery are cheering and those hoping for rates to remain as low as they were are crying, trembling, or putting their heads in the sand.
This will be the biggest beat in the history of the jobs report, both for the jobs count and unemployment rate. Scorched earth for bond markets. 10yr already up over 10bps and 2.0 UMBS down more than half a point. Witness the pain of the bond market getting caught flat-footed before a massive economic sucker punch.
For the few of you that have the ability to lock yesterday's rates still, now would be the time.