Serious doubts about the health of the jobs market and the broader economy have investors on edge.
Stocks fell sharply Wednesday after private payroll processor ADP said that 179,000 new private sector jobs were added in April, far lower than economists were expecting. That raised worries about the government's monthly jobs report for April, which is due out Friday.
The Institute for Supply Management also said its service sector index rose at the slowest pace in 8 months in April, as many companies expressed concerns about higher food and gas prices. The U.S. service industry employs about 90 percent of the U.S. work force, so hints of a slowdown have implications for the overall economy.
"If we look at how healthy the U.S. economy is, I think we're getting indications that it's not that healthy," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. "I don't know if it's sick yet, but it's not that healthy."
http://finance.yahoo.com/news/Stocks-fall-sharply-following-apf-1896629565.html?x=0&sec=topStories&pos=main&asset=&ccode=
Stocks fell sharply Wednesday after private payroll processor ADP said that 179,000 new private sector jobs were added in April, far lower than economists were expecting. That raised worries about the government's monthly jobs report for April, which is due out Friday.
The Institute for Supply Management also said its service sector index rose at the slowest pace in 8 months in April, as many companies expressed concerns about higher food and gas prices. The U.S. service industry employs about 90 percent of the U.S. work force, so hints of a slowdown have implications for the overall economy.
"If we look at how healthy the U.S. economy is, I think we're getting indications that it's not that healthy," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. "I don't know if it's sick yet, but it's not that healthy."
http://finance.yahoo.com/news/Stocks-fall-sharply-following-apf-1896629565.html?x=0&sec=topStories&pos=main&asset=&ccode=
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