Hot and Cold
ADP forecasts run hot and cold as measured by prediction vs actual results. But this time the ADP forecast and the consensus estimates for the BLS report essentially match.
The Bloomberg Econoday consensus estimate for ADP was 500,000 jobs in a range of 260,000 to 775,000.
The consensus estimate for the BLS jobs report itself is 625,000 in a range of 439,000 to 1,000,000.
The 500,000 consensus estimate for the forecast nearly matched the 517,000 number ADP did forecast.
Does anyone else find it amusing to be predicting predictions?
Bond Market Reaction
- 3-Month Bill: Flat
- 5-Year Note: Flat
- 10-Year Note: Flat
- 30-Year Long Bond: Flat
Setting aside philosophical questions regarding predicting predictions, 517,000 would be a very strong report that could easily had an impact on the bond market.
Instead, yields didn't budge.
Is a strong jobs market already priced into bond?