July 30, 2008

A pleasant surprise

ADP estimates of July payrolls indicated a surprise 9,000-job increase in private-sector jobs, according to the Wall Street Journal. Market participants are hoping the report will presage strength in an employment report due out Friday from the Labor Department. So far, says the paper, economists have forecast the report will show a decline of 50,000 jobs on nonfarm payrolls for June.

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