The ADP April jobs number came in below expectations and showed the lowest monthly job growth in 7 months. The payroll processor said the private sector added only 119k jobs in April. And the March number was revised down to 131k from the original 158k reported last month.
The group of (oft-wrong) economics that come up with expectations believe the government number released on Friday will show an increase of 160k jobs. Last month the government number was disappointing and came in well below estimates and the ADP number.
All signs are pointing to yet another disappointing number on Friday morning when the government number is released. I am cautious in the very short-term heading into the report on Friday morning.
More Disappointing Economic News
The US April PMI Number fell to 52.1 from 54.6 in March and in-line with analysts expectations. The trend over the last two months as been the same for nearly all economic numbers - they are trending lower.
Breakout Stocks
A list of a few stocks breaking out that are on our PFG WatchList:
- CubeSmart (CUBE)
- Oceaneering International (OII)
- Enbridge (ENB)
- Alliance Data (ADS)
- Ecolab (ECL)
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