Traders confused: is the job market improving, or not?
Markets were volatile again today, this time on signs that the jobs market may not be as strong as some hoped. A report on private sector employment by ADP was weaker than expected, as was an employment gauge released as part of a survey of purchasing managers in the services industry.
That is causing some to consider lowering their estimates for Friday's critical May jobs report.
This is confusing, because Fed officials have been talking about tapering their purchases of bonds as the job market improves.