The Negative Effects of the ADP Number on the Bond Market

The year over year increase in average hourly earnings came in at 4.4 that was above the 4.2 expected and equal to the 4.4 from the prior month which was an upward revision from 4.3 so not only was the jobs number weaker than expected but these earnings numbers were higher. The market reaction again I think was very telling because when the ADP number came out right the bond market got killed because the number was stronger than expected. When we got the government number coming out weaker than expected bonds went down again  I mean they didn't go down as much but they went down they didn't recover you would have expected the bond market to rally it would have been a