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ADP Up +143K, an Improvement on Private-Sector Payrolls
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Wednesday, October 2nd, 2024
Pre-market futures are mixed this morning, after kicking off Q4 yesterday with a port strike affecting 35% of U.S. imports and an attack on Israel from Iran, escalating Middle Eastern tensions which have grown in the wake of October 7th of last year. The Dow is -65 points and the S&P 500 is -5, but the Nasdaq is +20 at this hour.
ADP Bounces Back in September
Automatic Data Processing (ADP - Free Report) released private-sector payrolls this morning, and results were better than anticipated. A headline figure of 143K new jobs filled in the private sector last month, up from the upwardly revised 103K from the previous month and the 128K analysts were expecting.
The Goods/Services ratio is back to normal, with 42K jobs coming from the Goods sector and 101K from Services. The prediction for Friday’s non-farm payrolls is currently at +150K, above the rate necessary to covering for new retirees in the labor market.
Small businesses (fewer than 50 employees) are still struggling, with -8K private-sector jobs last month. Medium-sized firms (50-499 employees) gained +64K for the month and large companies grew by +86K.
The Leisure and Hospitality sector gained the most, +34K. followed by Construction at +26K, Education and Health Services +24K, Professional and Business Services +20K and Trade/Transportation/Utilities +14K.
In more good news for inflation watchers, the gains made in the labor market did not manifest into higher wages. Those who stayed at their current jobs saw an average +4.7% in wage growth, but job changers reached +6.6% last month. This is down considerably from the previous several months, when changing one’s job virtually guaranteed a higher wage.
ConAgra Misses Q1 Estimates
Reporting its Q1 numbers ahead of today’s opening bell, ConAgra (CAG - Free Report) reported earnings of 53 cents per share — below the 59 cents in the Zacks consensus and the 66 cents per share reported in the year-ago quarter. This amounted to a negative earnings surprise of -10.17%, breaking a string of nine straight quarters without an earnings miss.
Revenues for the quarter came in at $2.79 billion, -1.57% from consensus. Shares are down -5% on the news in today’s pre-market, pushing down the company’s +14% gains year to date. For more on CAG’s earnings, click here.
Image: Bigstock
ADP Up +143K, an Improvement on Private-Sector Payrolls
Wednesday, October 2nd, 2024
Pre-market futures are mixed this morning, after kicking off Q4 yesterday with a port strike affecting 35% of U.S. imports and an attack on Israel from Iran, escalating Middle Eastern tensions which have grown in the wake of October 7th of last year. The Dow is -65 points and the S&P 500 is -5, but the Nasdaq is +20 at this hour.
ADP Bounces Back in September
Automatic Data Processing (ADP - Free Report) released private-sector payrolls this morning, and results were better than anticipated. A headline figure of 143K new jobs filled in the private sector last month, up from the upwardly revised 103K from the previous month and the 128K analysts were expecting.
The Goods/Services ratio is back to normal, with 42K jobs coming from the Goods sector and 101K from Services. The prediction for Friday’s non-farm payrolls is currently at +150K, above the rate necessary to covering for new retirees in the labor market.
Small businesses (fewer than 50 employees) are still struggling, with -8K private-sector jobs last month. Medium-sized firms (50-499 employees) gained +64K for the month and large companies grew by +86K.
The Leisure and Hospitality sector gained the most, +34K. followed by Construction at +26K, Education and Health Services +24K, Professional and Business Services +20K and Trade/Transportation/Utilities +14K.
In more good news for inflation watchers, the gains made in the labor market did not manifest into higher wages. Those who stayed at their current jobs saw an average +4.7% in wage growth, but job changers reached +6.6% last month. This is down considerably from the previous several months, when changing one’s job virtually guaranteed a higher wage.
ConAgra Misses Q1 Estimates
Reporting its Q1 numbers ahead of today’s opening bell, ConAgra (CAG - Free Report) reported earnings of 53 cents per share — below the 59 cents in the Zacks consensus and the 66 cents per share reported in the year-ago quarter. This amounted to a negative earnings surprise of -10.17%, breaking a string of nine straight quarters without an earnings miss.
Revenues for the quarter came in at $2.79 billion, -1.57% from consensus. Shares are down -5% on the news in today’s pre-market, pushing down the company’s +14% gains year to date. For more on CAG’s earnings, click here.
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