NEW YORK (AP) — Stocks edged higher Wednesday after a trade group reported that the U.S. service sector continued to grow in September. Private company hiring also increased.
The Institute of Supply Management said its gauge of the U.S. service sector, which employs 90 percent of the work force, grew for the 22nd consecutive month. The index measures the strength of health care providers, banks, real estate, and other businesses outside of manufacturing.
Payroll processor ADP said private companies added 91,000 jobs last month. That was a slight gain from August. ADP's figures do not always predict what the government's broad employment report, which will be released Friday, but they can often influence traders' expectations.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.