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As in the first week of any new month, expectations rise as to how jobs growth has been going. If you had to choose one most important component analysts use to determine the health of the U.S. economy, the jobs market is it.
To that end, anticipating the Bureau of Labor Statistics’ (BLS) non-farm payroll report this Friday, private paystub provider ADP (ADP - Free Report) puts out its non-government jobs report for July, and the numbers have stayed consistent over the past few months: 179K new private-sector jobs were reported by ADP last month, with the previous month’s total revised upward by 4000 jobs to 176K.
This is not the sort of jobs growth we had been enjoying since the recovery began: over the past 6 years, we’d averaged job growth of more than 200K per month. This is historically very good, although a little perspective demonstrates we were indeed coming off very low lows.
Now that we have seen monthly unemployment levels remaining below 5% (indicating "full employment;" whether it’s truly gainful or satisfying is another story), we see these numbers begin to tighten. Thus, 179K new private-sector jobs for July, while not in league with stellar totals in recent years, can still be looked at favorably; the U.S. labor market does not appear in jeopardy at all.
Smartwatch maker Fitbit shares are up more than 7% in the pre-market today following the company’s positive surprises in its Q2 earnings report that came out after the bell Tuesday. Also, regional bank HSBC Holdings (HSBC - Free Report) swung to a profit in its latest earnings report this morning, and the company is also buying back shares. HSBC is also up more than 7% ahead of today’s open.
Futures are slightly lower overall this morning, even following the decent ADP numbers. The Dow is trying to fight off a 7-day losing streak.
Mark Vickery Senior Editor
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ADP Shows Steady U.S. Labor Market
Wednesday, August 3, 2016
As in the first week of any new month, expectations rise as to how jobs growth has been going. If you had to choose one most important component analysts use to determine the health of the U.S. economy, the jobs market is it.
To that end, anticipating the Bureau of Labor Statistics’ (BLS) non-farm payroll report this Friday, private paystub provider ADP (ADP - Free Report) puts out its non-government jobs report for July, and the numbers have stayed consistent over the past few months: 179K new private-sector jobs were reported by ADP last month, with the previous month’s total revised upward by 4000 jobs to 176K.
This is not the sort of jobs growth we had been enjoying since the recovery began: over the past 6 years, we’d averaged job growth of more than 200K per month. This is historically very good, although a little perspective demonstrates we were indeed coming off very low lows.
Now that we have seen monthly unemployment levels remaining below 5% (indicating "full employment;" whether it’s truly gainful or satisfying is another story), we see these numbers begin to tighten. Thus, 179K new private-sector jobs for July, while not in league with stellar totals in recent years, can still be looked at favorably; the U.S. labor market does not appear in jeopardy at all.
Smartwatch maker Fitbit shares are up more than 7% in the pre-market today following the company’s positive surprises in its Q2 earnings report that came out after the bell Tuesday. Also, regional bank HSBC Holdings (HSBC - Free Report) swung to a profit in its latest earnings report this morning, and the company is also buying back shares. HSBC is also up more than 7% ahead of today’s open.
Futures are slightly lower overall this morning, even following the decent ADP numbers. The Dow is trying to fight off a 7-day losing streak.
Mark Vickery
Senior Editor