The S&P 500 index is down this Wednesday after downbeat ADP Employment Change numbers.
According to the data released by Automatic Data Processing Inc, the US private sector added only 330K jobs, where 695K had been expected. The previous month had seen 680K jobs added.
New concerns over the rise of the delta variant of the coronavirus contributed to the slowdown in hiring. The ADP’s Chief Economist is predicting more substantial gains in the future as this factor is seen to be a temporal one. This may explain the limited downside seen in the S&P 500 index’s move.