The morning kicks off with a double dose of positive breaking news. Both GDP and the ADP payroll numbers beat estimates. As for GDP, the first estimate for the second quarter came in at 1.7%. Estimates had been between .9% and 1.1%. This number was calculated a bit differently than in the past. That's because the Commerce Department is now including the cost of research and development, the cost of producing artistic goods, and the transfer fees related to home sales.
Now on to the ADP payroll report for July, it shows 200,000 nonfarm privtae sector jobs added for the month nationwide. Expectations had been for about 180,000 new jobs. As always, this report comes two days ahead of the more crucial government jobs report. We'll have expanded coverage of that on Friday.
Meanwhile, earnings season continues with a flurry of companies reporting results this morning. Comcast (CMCSA) posted profits of 65-cents a share when expectations were for 63-cents. Revenue also beat the consensus at Read More »from Q2 GDP & ADP Payroll Top Estimates; Ackman’s New Play; Facebook Flirts with IPO Price