NEW YORK (AP) — U.S. stock futures pointed to a lower open Wednesday amid more worries about the job market.
Private employers added just 38,000 jobs in May, down from 177,000 in April, according to payroll processor ADP. Economists had been expecting growth of 180,000 jobs, according to FactSet. The report may offer a preview of Friday's more comprehensive job report from the Labor Department, which includes hiring by both private employers and the government.
Later Wednesday morning, economists expect a report from the Institute for Supply Management to show the manufacturing industry is still growing, but at a slower pace. Manufacturers have benefited since the recession's from stronger overseas demand. But China, India and other developing nations are struggling with inflation.
Reports on the U.S. economy have often been discouraging since the spring, raising worries about the strength of the recovery. Weaker-than-expected reports helped knock the S&P 500 index down 1.4 percent in May. The index had climbed climbed 8.4 percent in 2011 through April on stronger corporate earnings, a recovering global economy and mergers and acquisitions.
Sealed Air Corp. rose 3.7 percent in pre-market trading after the maker of Bubble Wrap and other packaging said it will buy Diversey Holdings for about $2.9 billion in cash and stock. Diversey provides cleaning products and sanitizers.
Dollar General Corp. fell 8.8 percent ahead of the bell after its first-quarter results fell short of analysts' expectations.
Ahead of the opening bell, Dow Jones industrial average futures fell 39 points, or 0.3 percent, to 12,519. S&P 500 futures fell 4.40 points, or 0.3 percent, to 1,339.50. Nasdaq 100 futures fell 8.50, or 0.4 percent, to 2,363.25.
Copyright 2011 The Associated Press.
