Bloomberg News

U.S. Stock-Index Futures Extend Losses After ADP Jobs Data

June 01, 2011

June 1 (Bloomberg) -- U.S. stock-index futures extended losses after a private report showed companies added fewer jobs than forecast, fueling concern that economic growth will slow.

Futures on the Standard & Poor’s 500 Index fell 0.4 percent to 1,339.2 at 8:19 a.m. in New York. Dow Jones Industrial Average futures lost 0.3 percent to 12,515.

Companies in the U.S. added 38,000 workers to payrolls in May, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey called for a 175,000 advance. Estimates for the ADP data ranged from increases of 125,000 to 200,000, according to the Bloomberg survey of 37 economists.

The S&P 500 rallied yesterday as investors speculated that Greece will receive additional financial aid. Equities advanced even as data on consumer confidence and business activity trailed economists’ estimates. Even so, the gauge fell 1.4 percent in May amid concern that Europe’s debt crisis will worsen and the global economic recovery will slow.

To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus