Stocks fell yesterday as the European debt concerns trumped the better-than-expected economic reports. This morning, futures point to a lower start.
On the economic front, separate reports showed both job gains and fewer planned layoffs. Outplacement firm Challenger, Gray & Christmas said planned layoffs for April fell to 38,286, the lowest in nearly four years, and half of the 67,611 total in March. In a reminder of how deeply employers cut their workforce during the recession, layoffs in April last year totaled 132,590.
Separately, the ADP national employment report showed the economy added 32,000 jobs in April versus a higher revised 19,000 in March. The results signal strength in Friday’s employment situation report. Other early economic news showed mortgage applications hitting a seven month high.
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