May 2 - Just days ahead of the government's monthly jobs report, private data shows weakness on the employment front- putting the stock market on edge. Bobbi Rebell reports.
Stocks took a hit in early trading on Wednesday. News that U.S. private employers hired far fewer workers than expected in April was a clear disappointment. According to a report from payroll processor ADP, only 119,000 people were hired last month. The manufacturing sector lost 5,000 jobs- the first loss since September of last year. That's in contrast to Tuesday's report from the Institute for Supply Management which showed encouraging expansion in the manufacturing sector. The news adds to concerns the economy has lost some of its momentum, coming just two days ahead of the government's monthly jobs report for April. Bobbi Rebell, Reuters.