U.S. stocks are set for another higher open on Thursday, boosted by a strong employment report today from private payroll processor ADP for the month of December.
ADP reported this morning that the U.S. economy added 250,000 private sector jobs in December, a month that typically receives more job increases due to the holiday season and busier than normal retail activity.
“The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat” said Mark Zandi, Chief Economist at Moody’s Analytics in a released statement.
Labor Market: “Has Shown No Signs Of Slowing”
“We’ve seen yet another month where the labor market has shown no signs of slowing” said Ahu Yildirmaz, VP and co-head of ADP Research Institute in a released statement.
“Throughout the year there was significant growth in services except for an overall loss of jobs in the shrinking information sector. Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months” Yildirmaz added.
Tomorrow, the U.S. Labor Department will release their December non-farm payroll report.
Crude Oil Rises To Highest Level Since July 2015
Crude oil prices continue to move higher on Thursday, reaching the highest level since July 2015, due in part to increased political turmoil in Iran.
Currently, NYMEX is trading at 61.78 a barrel (Feb. 2018 futures).
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