July ADP Report Better Than Expected, Futures Rising

The July ADP report was just released and it came in slightly better than expectations, and the futures are moving higher on the back of this report. 114,000 jobs were added in the private sector during the month of July, compared to estimates of 100,000. June's number was revised down by 12,000 jobs. Breaking down the report, small business added 58,000 jobs, goods producing jobs fell 7,000 and services added 121,000 jobs. Construction fell 11,000 jobs. Futures are moving higher after the release. Dow futures are up 33 points, NASDAQ futures are up 5 points, and S&P 500 futures are up 4.5 points.