The ADP Employers Service report showed that private employers shed 169,000 jobs in November. This is an improvement from the prior month, when 195,000 jobs were lost, but the number was a little higher than analysts’ expectations. An earlier reading from outplacement firm Challenger, Gray & Christmas showed firms announced plans in November to lay off just over 50,000 employees, the lowest number in nearly two years. We will get additional insight in the health of the labor market with tomorrow’s weekly jobless claim number and the government’s employment situation report on Friday.
In other economic news, the Mortgage Bankers Association said mortgage applications nudged higher last week, as interest rates on 30-year fixed rate mortgages fell for a sixth straight week, remaining below the 5% level. At 2:00 pm ET, investors will focus on the Federal Reserve’s beige book, the region-by-region assessment of the nation’s economy. U.S. stock futures were flat ahead of the open.
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