The numbers: Private payrolls rose by 807,000 in December, according to the ADP National Employment Report released Wednesday.
Economists polled by The Wall Street Journal had forecast a gain of 375,000 private sector jobs in December. The ADP report is produced with Moody’s Analytics.
Big picture: Economists use the ADP report to get an early read on the Labor Department’s report on private payrolls. But often the ADP has not been an accurate predictor. Economists polled by The Wall Street Journal forecast a total payroll gain of 432,000 jobs in December and that the unemployment rate will slip to 4.1% from 4.2%. The government’s data will be released Friday at 8:30 a.m. Eastern.
Market reaction: Stocks DJIA, +0.59% SPX, -0.06% were expected to open lower on concerns about higher interest rates.
Source: This post first appeared on http://marketwatch.com/
