Shares on Wall Street rose slightly on Wednesday after a reading on private employment showed a modest pickup in hiring….
The payroll company ADP said private employers ramped up hiring slightly in July. ADP saidprivate employers added 42,000 jobs last month. That was slightly better than the 40,000 jobs predicated by economists polled by Thomson Reuters.The ADP report is considered a gauge for the Labor Department’s monthly employment report on Friday. High unemployment remains the biggest obstacle to a stronger recovery.The data follows the trend seen over the past few months that the economy continues to expand, but at a sluggish pace. Economic reports this week have begun to again overshadow quarterly earnings, which were mostly upbeat. Results that beat forecasts have largely been welcomed by investors because it provides reassurances that while a recovery might be slow, the economy is not falling back into a second recession.
By Associated Press, as read in NYT, August 4, 2010