Thursday begins the release of this week’s more influential reports. First is May's ADP Employment report at 8:15 AM ET. It tracks changes in private-sector jobs, using ADP's payroll processing clients as a base. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not accurate in predicting results of the monthly government report that follows later in the week. Still, because we sometimes see a reaction to the report, we will be watching it. Traders are expecting it to show that 160,000 private sector jobs were added to the economy during the month. The smaller the increase in jobs, the better the news it is for mortgage rates.