Rates faced upward pressure Thursday following the release of stronger than expected labor market data. This morning payrolls firm ADP estimated private sector job growth of 253,000 in May, well above the consensus forecast of 180,000. Separately, weekly Jobless Claims rose to 248,000, slightly above expectations. Construction Spending declined unexpectedly by 1.4%. The Institute for Supply Management manufacturing index came in at 54.9, in line with forecast. No other key data will be released today. The May Employment Report will be released tomorrow at 8:30 AM. Unless the report comes in well below expectations, most analysts believe the Fed will raise short term interest rates by 0.25% at its next meeting on June 14.