We got reads from two US jobs data series this morning. And both showed continued forward progress. To me, this speaks to the potential for tapering of the Fed’s large scale asset purchase program in the Fall. We got the ADP private payroll number first. And that came in at 978,000 jobs added vs the 650,000 that were expected. Macro Strategist George Pearkes noted that in the context of last month’s weak non-farm payrolls number, this beat should shift expectations for Friday’s NFP number higher even though ADP is not necessarily in sync with the government’s NFP number on a month to month basis. I would agree. Right now, the expectation is for only 650,000. The initial claims data were also better than expected at 385,000 vs 390,000 expected. That’s a level lower than at equivalent periods in the last three recoveries ( see last week’s post ). And initial claims have declined more than 30% since April. That’s a huge move.…