ADP Jobs Report Shows Bounce In Private Hiring; S&P 500 Futures Steady

Payroll processor ADP's monthly jobs report showed a modest rebound in private-sector hiring in December. S&P 500 futures were essentially flat after the jobs data, which seems to slightly lower the urgency of another Federal Reserve rate cut. While ADP jobs data has often been overlooked, it may have gained importance after Fed Chairman Jerome Powell said last month that official Bureau of Labor Statistics data is overstating job gains by 60,000 per month.