The first of this morning’s two economic releases was the ADP Employment report for May at 8:15 AM ET. It raised some eyebrows as it revealed that only 2.76 million private-sector jobs were lost during the month, compared to forecasts of 9 million lost jobs. Today’s report also revised April’s number higher, adding 679,000 payrolls to the previous announcement. The data indicates that the private business part of the employment sector was not in as bad shape as expected last month. Even though this report is generally considered to be only moderately important, the huge variance from forecasts is putting noticeable pressure on bonds and mortgage rates this morning.