April’s ADP Employment report was posted at 8:15 AM ET this morning, showing 742,000 private sector jobs were added back to the economy last month. Forecasts were calling for 800,000 jobs, hinting that the private sector employment situation wasn’t as strong as thought. This was still an increase from March’s revised 565,000 though, showing gains month over month. The weaker than expected number is favorable for rates, while the increase from March can be considered a negative. Therefore, it is safe to label this report neutral for bonds and mortgage rates.