Stocks higher…Trade deficit higher…ADP report, just 102k jobs added in June
NEW YORK (AP) – Stocks have been higher in morning trading on a holiday-shortened day on Wall Street, putting the S&P on track for its third record high close in a row. Health care and technology stocks are leading the gains. U.S. markets will be closed tomorrow for the Independence Day holiday. Trading will close today at 1:00 p.m. Eastern Time.
WASHINGTON (AP) – The trade deficit rose to a five-month high in May as the imbalance with China and Mexico widened. The Commerce Department says the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May, the highest since December.
WASHINGTON (AP) – Payroll processor ADP reports that U.S. companies added just 102,000 jobs in June as small businesses and construction firms shed workers. The meager gains come after just 41,000 jobs were added in May and likely indicate a slowdown in the economy. Businesses with fewer than 20 employees cut 37,000 jobs while construction firms let go 18,000 workers.
DETROIT (AP) – Lee Iacocca is being remembered as a master pitchman who became a corporate folk hero back when he resurrected Chrysler. Former colleagues say Iacocca has died at age 94 in Bel Air, California. Iacocca had a 32-year career at Ford and then Chrysler. In that time, he helped launch some of Detroit’s best-selling and most significant vehicles. He was famous for his TV ads, in which he said: “If you can find a better car, buy it!”
LONDON (AP) – The British economy is showing alarming signs of slowing down sharply, possibly even into recession, as uncertainty over Brexit combines with a less benign global backdrop. A closely watched survey of business activity in the U.K. showed today that the economy contracted in June at its steepest rate since the immediate aftermath of the country’s vote three years ago to leave the European Union.