I was on Fox Business’s Making Money with Charles Payne today discussing the ADP Employment & ISM Non-manufacturing survey. The story in the ADP number is all about the Revisions, June went from up 2.4mm to up 4.314mm job gains. So Today’s number of 167,000 could be far to high, or far to low, but based on these wild swings, I’m holding judgement on overall number. Tomorrow’s continuing claims number is what I feel for now the best gauge of the labor market.

Biggest Econ data point today was in the ISM Non-Manufacturing, the headline number beat expectations (which weren’t low), 58.1 vs exp 55 and up from 57.1. The new orders sub section of the survey rose to 67.7 – the highest on record, and Business Activity grew to 67.2 – highest reading since Jan of 2004.