Good Morning,
I hope this note finds you well and that your are enjoying your Wednesday so far.
In the financial sectors today, the first wave of employment data hit this morning with the ADP numbers showing that the US private sector lost 473,000 jobs in June, which is quite a bit more than expectations of 394,000 jobs lost. This report comes ahead of tomorrow's official Jobs Report, where expectations have been for 363,000 jobs lost. Some very sobering statistics for sure!
In other news, Stocks are getting a boost this morning on news that China's manufacturing sector has expanded, which may signal that global economies could be recovering from the current financial malaise.
Looking ahead to what's on tap for the rest of the week, tomorrow's official Jobs Report will probably be ugly. If that happens, Bonds should hold their own and maybe even improve a little. Therefore, I recommend floating for now. Hwever, be prepared to lock if a wild card like Census hiring skews the picture and impacts the markets. I will keep you posted as things develop and the if the situation warrants immediate attention.
In the meantime, here's hope that your July exceeds expectations for you. If there is ever anything I can do for you, please let me know.
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