Futures were little changed, indicating a flat start to the day’s trading.
The ADP National Employment report showed that private-sector jobs fell by 22,000 in January, the smallest loss since employment began dropping in 2008 and better-than-expected. The firm also expects that employment numbers will turn positive in February.
A separate report by consultant firm Challenger, Gray & Christmas showed an increase in planned layoffs last month, which is not uncommon to see at the start of the year. We will get additional data to judge the health of the labor market on Friday with the government’s monthly non-farm payroll report.
Other economic reports this morning include the weekly report on mortgage applications, which rose 21% from the previous week, and the ISM’s non-manufacturing index is due at 10:00 am.
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