March’s ADP Employment report was posted at 8:15 AM ET this morning, revealing a somewhat surprising decline of 27,000 private-sector jobs during the month. The surprise came in the size of the decline, not that there was a decline. Forecasts were calling for approximately 175,000 lost jobs in the private sector, meaning today’s report showed the pandemic did not have as much of an impact as expected. Sure, this number is subject to revision- especially during a period with so much turmoil. But we have to consider one of the first reports covering the coronavirus period as unfavorable for mortgage rates because it indicates a lighter impact on this part of the economy than many had thought.