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Morning Market Roundup: ADP Claims 158K Private Jobs Added in Oct., Pfizer & Exxon Profits Down

Nov. 1, 2012 9:17am Becket Adams

Here’s what’s important in the business world this morning:

Jobs: ADP, which does its own private reports based on payrolls, announced Thursday morning that 158,000 private-sector jobs were created in October, “with service-providing jobs accounting for 144,000 positions and goods producing jobs responsible for 14,000 new jobs,” the Wall Street Journal’s MarketWatch reports.

For this reports, ADP increased its sample size. They reason their new methodology will align their numbers better with the Labor Department’s.

“Businesses are adding consistently to their payrolls. October’s job gains were in line with the average monthly gains of the past two years, with sturdy albeit less than stellar growth across most industries and company sizes. Businesses have turned more cautious in recent months, but that has yet to impact their hiring and firing decisions,” said Mark Zandi, chief economist of Moody’s Analytics, in a statement.

China: Chinese shares led global markets higher on Thursday after surveys showed the country’s manufacturing sector is improving and ahead a raft of U.S. jobs data that could affect to race to the White House.

Investors were breathing a sigh of relief that Chinese manufacturing is growing again after contracting in recent months. China’s economy, the world’s second-largest, has slowed this year and fears of a sharp downturn have weighed on the outlook for the global recovery.

But those concerns were eased somewhat by the two surveys, boosting stocks, particularly in Asia. In China, Shanghai Composite index rose over 1.7 percent, to 2,104.4, its biggest jump in three weeks, while Hong Kong’s Hang Seng index rose 0.8 percent, to 21,821.8.

Germany’s DAX was up 0.6 percent at 7,303 while the CAC-40 in France rose 0.6 percent to 3,450. The FTSE 100 index of leading British shares was 0.4 percent higher at 5,807.

Trading is pretty tepid elsewhere. The euro was down only 0.1 percent on the day at $1.2951, while the price of the benchmark oil contract in New York was up 16 cents at $86.40 a barrel.

Earnings: Drug giant Pfizer Inc. said Thursday that its third-quarter profit fell 14 percent as sales plunged, mainly due to U.S. generic competition to cholesterol fighter Lipitor, long the world’s top-selling drug.

The New York-based maker of pain reliever Lyrica said net income was $3.21 billion, or 43 cents per share. That was down from $3.74 billion, or 48 cents per share, a year earlier.

Excluding one-time items, earnings were 53 cents per share. Analysts expected 52 cents.

Revenue fell 16 percent to $13.98 billion, well below expectations for $14.66 billion.

Meanwhile, Exxon Mobil says its profit fell 7 percent in the third quarter as it produced less oil and gas and fetched lower prices.

The nation’s biggest oil company says that net income totaled $9.57 billion, down from $10.33 billion a year earlier.

That works out to $2.09 per share. Analysts expected $1.95 per share, according to FactSet.

Revenue fell 8 percent, to $115.71 billion, still better than the $112.40 billion that analysts had forecast.

The weak global economy has lowered demand for everything from gasoline to jet fuel. Fear about future growth has undercut prices for oil and natural gas.

U.S. Futures: Futures are mixed ahead of a bevy of corporate earnings reports that had been postponed due to the hurricane, and a number of economic indicators on consumers, manufacturing, construction and jobs.

Dow Jones industrial futures are down 2 points to 13,028. The broader S&P futures have fallen 1.2 points to 1,405.60. Nasdaq futures are up 2.75 points to 2,643.25.

The Associated Press contributed to this report.

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Comments (7)

dublinthewagons
Posted on November 1, 2012 at 10:05am
Anybody that believes the government. Lean forward as they have something for you.

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Jackal7130
Posted on November 1, 2012 at 9:51am
What jobless rate? This is the greatest job EVER. He could work it with the martians if he had to……………

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Cibolo
Posted on November 1, 2012 at 9:46am
My guess is that Obama has “cashed in” on some of those “favors” we have been paying for in the past 4 years. I don’t buy these numbers for one nanosecond!

Yesterday I heard a report that Comcast, (51% owner of MSNBC with GE owning 49%) has 2500 job openings for disabled vets. Just in time for the election don’t you think?

People do your own research, MSNBC (Lean Forward) and Obama (Forward) should be enough for everyone to know that MSNBC is in the tank for Obama.

If not, just watch Chris Mathews as the thrills run up his legs every day when talking about Barack Osama!!!!!

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woodyee
Posted on November 1, 2012 at 9:40am
For this reports, ADP increased its sample size. They reason their new methodology will align their numbers better with the Labor Department’s.

Say what? “I’m going to change the way I come up with my numbers, so that they coincide better with the numbers that the government puts out.”

So their numbers are useless. Better to use the government’s figures and call them your own. Idiots.

In the meantime, the numbers are 158,000 jobs, with 144,000 accounting for “service-providing jobs” – in other words, temps; Christmas help; and 14,000 being “goods- producing” – full-time. So, in essence, we have 14,000 new jobs.

How does that number play in the game of unemployment figures? I guess we won’t know that until Romney is elected.

Watch the lame-stream press come out and claim that it’s Romney’s economy now, in contrast to having given Gaybama a pass for the last 4 years. What about the homeless? Why, they disappeared four years ago! They’ll be back in January. When’s the last time you read a headline with Iraq or Afghanistan in it? The chimps will be up in arms about those countries in January. Unemployment will be reported in TRUE numbers – in January, and POVERTY will be a HUGE issue – but ONLY if Romney is elected. If Gaybama is re-elected (chances are very good he WON’T), you’ll hear nothing but good news, no matter how bad it gets.

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- Cibolo
  Posted on November 1, 2012 at 10:02am
  We are most likely going to have to go back to Afghanistan as they have found they cannot fill 40% of the positions needed to secure the country on its own due to lack of experience / education.
  
  No joke, Afghanistan = Iraq = Vietnam, they were all for manufactured causes manufactured by and for the military industrial complex. See: Eisenhower Speech
  
  Do you really think that 911 was carried out by some guy in a cave 1/2 way around the world? Dismissing hundreds of testimony’s of secondary explosions, nano-thermite in the dust samples that NIST never tested for, along with the fact that all 3 buildings defied the “Laws of Physics” that day.
  
  See: AE911Truth
  
  Follow the money, that is where you will find the crooks!
  
  Report this comment
Proverbs17-12NLT
Posted on November 1, 2012 at 9:36am
Guess the unemployment rate will be going down to 6.4% with that news, good job obama. Way to focus like a laser on jobs.

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- Cibolo
  Posted on November 1, 2012 at 9:52am
  Was that a Bush “No One Left Behind” math education you have or were you being sarcastic. 200,000 jobs compared to 23,000,000,000 is a drop in the bucket, closer to a 10th of a percent.
  
  Like I said in my last post, Obama is just caching in on 4 years of favors paid for by the Tax Payers.
  
  I would like to see a list of “ALL” the companies hiring. I know Comcast (MSNBC owner) = 2500+
  
  I bet you would find Acorn, Planned Parenthood and a couple of new green energy companies that are destined to fail on that list
  
  Report this comment

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