Stocks rose today after the monthly ADP jobs survey indicated private sector jobs rose by 42,000 in July.
Initial jobless claims, announced Thursday Aug. 5, are expected to be at 455,000, down from the prior 457,000, while the consensus for non-farm payrolls, released on Friday, is -70,000 according to the Wall Street Journal. The unemployment rate is expected to be 9.6%, up from the previous 9.5%, according to Briefing.com and the Wall Street Journal.
The Dow Jones Industrial Average took out highs going back to May 13 and is up more than 1,000 points since it hit a nine-month low on July 2 after the release of the June employment report.
The ADP report may not be so promising as the consensus view calls for a larger increase in private sector jobs than ADP reported, which will be offset by further reductions in temporary government census jobs.