ADP Says Private Employers Add 158,000 Jobs in March: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include ADP report after the payrolls processor said that private employers added 158,000 jobs in March, the fewest in five months and below economists' expectations of 200,000 jobs.
In February, private employers added 237,000 jobs and 177,000 were added in January.
The figures were held back by stalled hiring in the construction sector, where no jobs were added despite average monthly gains of 29,000 in the three months before, likely tied to rebuilding efforts after Hurricane Sandy.
The report comes ahead of of the government's labor market report on Friday, which accounts for both public and private employment. It's expected that the labor market report will show a gain in overall nonfarm payrolls of 200,000 last month, with the unemployment rate holding steady at 7.7%, although the ADP report suggests that the government's figures may come in below forecasts.
The company reported earnings of $1.48 billion, or $2.74 a share, last quarter, compared to a profit of $1.21 billion, or $2.24 a share, a year ago. Excluding items, the company earned $2.73 a share, exceeding analysts' expectations of earnings of $2.58 a share.
Monsanto's better-than-expected earnings were driven by solid cord seed and trait sales, which increased 16.5% from a year ago to $3.28 billion.
The company raised its full-year guidance to earnings per share of $4.40 to $4.50 in the full year. Analysts had been looking for earnings of $4.58. It also confirmed free cash flow guidance of $1.8 billion to $2 billion.
Subaru is another popular search. The automaker is recalling about 200,000 Legacy and Outback vehicles due to brake problems.
The recall pertains to model years 2005 through 2009 and vehicles sold in 20 states and Washington, D.C.
Subaru said it is issuing the recall as salty water can cause the brake lines to rust and leak fluid. If that occurs, vehicles may have trouble stopping, which could lead to an accident.