June's ADP Employment report was posted at 8:15 AM ET, revealing 2.37 million new private sector jobs were recovered last month. That figure was well below forecasts of 3.5 million, but a significant upward revision to May’s payrolls may be dampening the reaction in bonds that we would expect from the June’s number. This revision took May’s payrolls from 2.7 million jobs lost to over 3 million gained. An upward revision is technically bad news for bonds and mortgage rates because it shows the employment sector may be stronger than previously thought. However, that much of a revision questions the reliability of the data, which could be why it has had little impact on today’s mortgage rates.