Today is the final day of the third quarter. The government reported that GDP fell less than expected for the second quarter. It turns out, the economy contracted by 0.7% compared with the earlier estimate of -1%.
Wall Street is also waiting for Friday’s employment report. Today, ADP said that private payrolls fell by 254,000 which was less than the consensus estimate of 200,000. One major factor impacting employment is that municipalities and states are broke. That’s causing some serious layoffs of government workers, so we have to look at all sectors in the Friday payroll report to get a better read on the economy.