U.S. stocks were poised for a weaker start as investors read into the latest reports on the employment situation.
Outplacement firm Challenger said planned job cuts by companies rose 31% in July, bouncing off a 15-month low in June. Separately, Automatic Data Processing (ADP), a payroll-processing firm, said private-sector employers cut 371,000 jobs in July, slightly more than the 350,000 expected. While this number remains elevated, it is the smallest monthly total since last October. These reports come ahead of the U.S. Labor Department’s closely watched monthly employment situation report, which comes out Friday.
Still to come are factory orders, ISM Services data, and the latest oil inventory statistics.
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