The first of this morning’s economic releases was January’s ADP Employment report at 8:15 AM ET. It showed that only 106,000 new private-sector payrolls were added last month, falling well short of the 165,000 that was predicted. As a sign of weaker than thought conditions in the employment sector, we can label the report favorable for bonds and mortgage rates. However, it is important to remember this data isn’t often accurate in predicting what Friday’s extremely influential monthly governmental Employment report will show. In other words, this is good news today, but we should remain cautious about Friday’s version.