Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market Primer: ADP Employment Report Surpasses Expectations


Private payrolls increased by 162,000 last month.

MINYANVILLE ORIGINAL Stock futures were little changed this morning as a private measure of employment exceeded economists' expectations.

Automatic Data Processing, a payroll company, estimated that the private sector added 162,000 jobs to the US economy in September. Economists expected just 140,000 new jobs. For August, ADP's payroll count came in at 201,000. This was about twice the Bureau of Labor Statistics' count of 103,000 (96,000 including public-sector job cuts).

At 10:00 a.m. EST, the Institute for Supply Management will release the non-manufacturing PMI for the US. The index is likely to show that growth of the services sector slowed in September.

Index futures inched up before the opening bell. Dow (INDEXDJX:.DJI) futures gained 0.08% to 13,422.00, S&P 500 (INDEXSP:.INX) futures climbed 0.10% to 1,442.40, and Nasdaq (INDEXNASDAQ:.IXIC) futures headed up 0.21% to 2,801.25.

European stocks fell in the first half of the trading day after economic data pointed toward a recession in the third quarter. The French service sector's contraction sped up in September, according to Markit's latest purchasing managers' index. Services PMI fell to 45 from 49.2. A level below 50 signals a contraction. Germany's contraction narrowed to 49.7 from 48.3. The European Union's collected services PMI also showed weakness in the sector. Services PMI fell to 46.1 from 47.2. The United Kingdom extended August's expansion, though growth slowed to 52.2 from 53.7.

Retail sales, apart from auto sales, unexpectedly rose 0.1% on a monthly basis in the European Union in August. Compared to the year-earlier period, sales are still down 1.3%.

Asian stocks also traded down. Japan's Nikkei (INDEXNIKKEI:NI225) fell for a the fourth straight session to a three-week low as traders are concerned that the region could suffer if China's economy continues to weaken. As manufacturing activity declined, China's services PMI fell to 53.7 in September, its lowest level since November 2010.

Best Buy (NYSE:BBY) shares jumped 4.12% after Reuters reported that the company's founder, Richard Schulze is working with four private equity firms, taking steps toward what could be an $11 billion buyout. Schulze owns 20% of the electronics retailer. His stake might be used as part of the potential buyout.

The Wall Street Journal reported today that Apple (NASDAQ:AAPL) suppliers in Asia have begun assembling a smaller version of the iPad with a screen measuring 7.85 inches. The tablet could fill a space currently dominated by offerings from Amazon (NASDAQ:AMZN), Barnes & Noble (NYSE:BKS), and Google (NASDAQ:GOOG).

Family Dollar (NYSE:FDO) earnings met Wall Street's expectations as its fiscal fourth quarter profits jumped 14% to $0.75 per share.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos