Wednesday, December 05, 2012 9:04 am
US futures rising ahead of factory, jobs data
The Associated Press
Dow Jones industrial futures rose 47 points to 12,980. The broader S&P futures have added 3.5 points to 1,409. Nasdaq futures tacked on 2.25 points to 2,666.75.
The crucial monthly jobs report will be released by the Labor Department on Friday, but investors got a peak at job market conditions as payroll provider ADP released its monthly report Wednesday. ADP said that private employers added 118,000 jobs in November. That was short of most estimates, partially due to the devastation of Superstorm Sandy. The report didn't put a dent in the upward trajectory of U.S. futures markets, or trading overseas.
In Europe, Germany's DAX rose 0.3 percent rate to 7,455.38. The CAC-40 in France rose 0.3 percent at 3,591.
The Labor Department released its productivity report for the summer and said that productivity grew at an annual rate of 2.9 percent from July through September. That's the fastest pace in two years and up from an initial estimate of 1.9 percent. Labor costs dropped at a rate of 1.9 percent, more than the 0.1 percent dip initially estimated.
The Labor Department releases its weekly unemployment claims report Thursday, though that can be volatile, so most investors are awaiting the monthly jobs report Friday.
Later on Wednesday, the Commerce Department is expected to report that orders to U.S. factories rose modestly in October, thanks to a solid gain in demand for machinery and equipment.