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DJIA Futures: +31 (+0.1%)
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Good morning friends!
Futures are slightly higher as traders look to extend the 3-day winning streak.
Let’s get right to it!
Private job growth slowed more than expected in August.
Payroll firm ADP reported the U.S. private sector add 177,000 jobs vs 200,000 expected.
That was a sharp slowdown from the revised 371,000 in July.
ADP’s chief economist said, “This month’s numbers are consistent with the pace of job creation before the pandemic. After two years of exceptional gains tied to the recovery, we’re moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.”
This data is good news for the Fed’s efforts against inflation and comes ahead of the official Labor Department jobs report on Friday.
That’s expected to show the economy added 170,000 jobs with the unemployment rate slipping to 3.5%.
Second-quarter economic growth was unexpectedly revised lower.
The Commerce Department’s second estimate shows GDP grew at a 2.1% annual rate last quarter vs the first estimate of 2.4%.
Economists were expecting the second estimate to be unchanged from the first.
Nonresidential fixed investment and inventory investment were both lower than originally estimated, which contributed to the revision lower.
HP Inc (HPQ) shares are dropping 8.2% ahead of the open after reporting mixed fiscal Q3 results.
Here’s how the computing giant’s results compared to analysts’ estimates:
Revenue was down 10% year over year and this was the third straight quarter HP has missed analysts’ revenue estimates.
The company also issued cautious guidance for fiscal Q4.
HP expected adjusted EPS between $0.85 and $0.97 next quarter vs analysts’ estimates for $0.95.
The CEO said, “While we expect another quarter of sequential growth in [the fourth quarter], the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result.”