today's data 03-31-2010

New employment data from ADP cast a shadow over the mood early this morning. Private employment unexpectedly fell 23,000 this month. Economists had expected a 40,000 rise. The data renewed worries that labor recovery is failing to take hold, and disappointed investors who had hoped for an employment gain two days before the government's jobs report.

Meanwhile, the Chicago Business Index showed slower economic growth in March compared to February. The business barometer fell from 62.6 in February to 58.8 in March, coming in short of the consensus 60.8 estimate. Still, the index remained above 50 --the levels which shows economic expansion--for the sixth month in a row.

Factory orders were a bright spot in today's data, rising a more than expected 0.6% in February. The results encouraged hopes that manufacturing momentum could translate into broader production and economic growth.

(better than expectation)