Employment hedge

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.
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, 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. But be prepared to lock if a wild card like Census hiring skews the picture and impacts the markets.
Leonard Winslow 434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow