ADP says the private sector added 179,000 positions in July. But that growth was unbalanced. Services added 185,000 positions, but the manufacturing and construction sectors each lost 6,000 workers. The biggest single growth area in the private sector was professional and business services, which added 59,000 jobs, trade, transportation and utilities grew by 27,000, while financial activities saw 11,000 new positions. Firms with between 50 and 499 employees added 68,000, small business contributed 61,000, and large companies grew by 50,000. (Reuters)
The Institute for Supply Management says its non-manufacturing index fell to 55.5 in June. Any reading above 50 signals growth. Services have been a source of strength for the economy with the ISM services index showing growth for 78 straight months. (AP)
Stock of Electro Scientific Industries, maker of laser tools for high-tech manufacturers, dropped 25% yesterday after releasing terrible guidance. ESI said quarterly sales were up 11% from a year ago, but warned revenues will plunge 30% in the current quarter. (Oregon Live)
S&P 500 is up 3 and the NASDAQ is up 5. MSCI International Index is up.
Oil is down 16 cents at $40.67 a barrel.
Gold is flat at $1365 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.