Stocks rise…GDP revised down…Survey: US businesses add 178,000 jobs in May
NEW YORK (AP) – Stocks are rising in early trading on Wall Street, recovering some of the ground they lost yesterday. Banks are rising along with bond yields following big losses yesterday. In another reversal, big dividend payers are lagging the market. European indexes are higher and the euro is rising as worries ease that an impasse in Italian politics could destabilize the euro.
WASHINGTON (AP) – The Commerce Department says growth in the gross domestic product, the economy’s total output of goods and services, was slightly slower than initially thought in the first quarter. It says the economy grew at a 2.2 percent annual rate from January through March, instead of the 2.3 percent estimated last month. But given the economy’s recent performance, analysts are still looking for a solid rebound in the current quarter, to around 3 percent.
WASHINGTON (AP) – U.S. businesses added 178,000 jobs in May, according to a private survey, a solid total but below the average monthly gains accumulated over the winter. Payroll processor ADP says hiring was strong in construction, education and health care, and professional and business services, which includes accounting, engineering and legal services. But retailers cut jobs. The government releases the official monthly employment figures on Friday.
MADISON, N.J. (AP) – Allergan is voluntarily recalling packs of its birth control pills in the U.S. because of a packaging error with placebos, increasing the possibility of unintended pregnancy. The company says four placebo pills were placed out of order in the Taytulla packs. Allergan says the first four days of therapy had four non-hormonal placebo capsules instead of active capsules. The recall involves lot 5620706, which expires in May 2019.
LEXINGTON, Ky. (AP) – A Kentucky fire official says about a dozen people have received medical attention after an explosion damaged a UPS freight hub in Lexington. A Lexington fire department spokeswoman told news outlets that two people were taken to a hospital for non-life threatening injuries this morning and 10 more were taken to the hospital as a precaution. Lexington police say in a tweet that it appears to be an accidental explosion. The building’s structural stability is being checked.