5/6/10

Yesterday we had the ADP National Employment report, which measures private sector employment. The numbers are much better than they were a year ago but still high on a relative basis. Tomorrow we have the Non farm Payroll numbers and forecasts seem to be running around+225k or +150k excluding census workers, with the unemployment rate perhaps moving lower to 9.6% versus 9.7% in March.
Today we will have another day of credit crisis hearings in Washington DC, along with a number of Fed speakers. The economic news scheduled is pretty much limited to Initial Claims which dropped slightly as expected. After this news the mortgage rates are stable this morning.