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SYKE vs. ADP: Which Stock Is the Better Value Option?
National unemployment numbers for July are set to be released Friday by the Bureau of Labor Statistics, and experts are expecting an increase in the unemployment rate. Early July Predictions: According to a labor report for July released by Automatic Data Processing Inc (NASDAQ: ADP), private sector employment saw an increase of 167,000 jobs.Small and large businesses are seeing an increase in employment count, while midsize businesses are seeing a noticeable decrease in employment numbers."The labor market recovery slowed in the month of July," Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in the report. Professional/business services, education and health services and trade/transportation/utilities have seen the largest increase in employment, according to ADP. The financial industry experienced the largest employment decrease, the report said. Joe Brusuelas, chief economist at RSM US LLP, said he expects the national unemployment rate increase to 11.5% for the month of July. Fed Data Points To Slowdown: On Tuesday, the St. Louis Federal Reserve released data on economic conditions and employment.Since the week of June 12, the recovery in employment has slowed down and slightly reverted, according to the Fed district. Areas of the economy that have been touted as rebounding are starting to slow as well: construction employment numbers saw a decrease in employment. Construction was one of the first industries to reopen following widespread stay-at-home orders. Why This Week Is Important: All eyes will be on Washington, D.C. this week as negotiations for a second stimulus bill wrap up. With the $600 unemployment benefit now expired, we should find out in the coming weeks if it will be replaced -- and if the government Payment Protection Plan is extended.See more from Benzinga * What A Census Effort Cut Short Could Mean For The Data * American Income Drops While Spending Increases: Breaking Down The Numbers * Buckle Up For Thursday's GDP Forecast: What To Expect(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks ended at or near records Wednesday, with the S&P 500 finishing within a stone's throw of its February all-time high and the Nasdaq Composite notching its 31st record high of 2020. Hope of further stimulus from the U.S. government to help out-of-work Americans was attributed to some of the upbeat trade on Wall street, even as some of the data have come in weaker than expected, setting the stage for a jobs report on Friday that may underscore that a rise in infections of COVID-19 stalled out some of the recent resurgence in business activity created by social-distancing measures to contain the virus. Payroll provider Automatic Data Processing Inc. also said only 167,000 private-sector jobs were created in July, far short of the 1.88 million forecast by economists polled by Econoday. However, a reading of services from the Institute for Supply Management service sector index jumped to a reading of 58.1 in July, beating expectations and signalling stronger economic growth. Deal activity also sparked some optimism as Teladoc Health Inc. and Livongo Health Inc. said Wednesday they have agreed to merge in a deal valued at $18.5 billion to create a company that can serve a spectrum of health needs, using virtual care. A nearly 9% surge in shares of Walt Disney Co. following its quarterly results, also helped to lift the Dow and the broader market. The Dow Jones Industrial Average closed up about 373 points, or 1.4%, at 27,201, representing its highest closing level since June 8. The S&P 500 index finished 0.6% higher at around 3,328, putting the broad-market benchmark 1.71% off its Feb. 19 record high at 3,386.15, while the Nasdaq Composite Index closed up 0.5% to 10,992, briefly touching the psychologically round-number level at 11,000 intraday and marking another record finish. The tech-heavy index has closed higher six straight sessions. Gaines for equities also came as gold prices finished at a record near 2,050, based on futures for December delivery , highlighting some concerns about the pace of stock gains and the outsize sums that governments have doled out to limit the harm from the COVID-19 pandemic.