The ADP National Employment report was released today and it showed an increase of 42,000 jobs in the private sector from June to July. Additionally, the number of jobs added from May to June was adjusted from 13,000 (as previously reported) to 19,000. The report also mentions that while this is the sixth consecutive increase in jobs this year, the average increase has been only 37,000 jobs and the rate does not show any indication of accelerating. You can read the full report here.
The institute for Supply Management (ISM) reported that the Non-Manufacturing Index (NMI) grew .5% in July, showing that there is some economic improvement in the non-manufacturing sector. This shows an accelerated rate of growth from prior months. You can read the entire report here.
Regardless of how modest a gain they might have shown, the ADP and ISM reports seemed to give investors’ confidence a boost and as a result, U.S. markets closed up. The Dow Jones Industrial Average rose 44.05 points to 10,680.43 while the Nasdaq rose 20.05 points to 2,303.57. The S&P 500 gained 6.78 points to close at 1,127.24.
European and Asian markets were mixed.
