Wednesday, October 5, 2022Key economic data hits the tape this morning, at a time when pre-market traders were in a mood to give back a good slice of the gains they’d accrued over the past two sessions. But the data, which came in pretty much in-line, does not look to have moved the needle much: we’re still angling to open in the red, after market participants have gauged the near-term levels of overall increases over the past two sessions.The private-sector payroll report from Automatic Data Processing ADP this morning was slightly above consensus: 208K versus 200K expected. This is also notably higher than the previous month’s 185K new hires. That previous month’s tally was the lowest of the cycle; today’s is second-lowest. From October last year through June 2022, we were 300K+ each month; this new development is actually good news for the Fed in deciding future interest rates.The strongest gainer by sector last month was Trade/Transportation/Utilities, which takes out the usual suspects Leisure/Hospitality and Professional/Business Services sectors. While the Fed may have preferred to see an even lower overall private-sector jobs number, where we are is fairly Goldilocks for the economy at large, independent of the next Fed move. Information Services and Financials brought up the rear in terms of quarterly jobs.We also get a new International Trade Balance for August, which came in at -$67.4 billion, slightly improved from the expected $67.7 billion, and notably better than the -$70.5 billion posted last time around. Today’s headline gives us the best trade deficit figures since May’s -$66.6 billion. Obviously, this is still a deep chasm; what’s nice about it is we’re coming at least a little closer to a manageable deficit figure.After today’s open, S&P Global PMI and ISM Services results will come out, with 49.2 and 56.0% expected, respectively. This shows a fork in the road for current Services business: one above and one lower than the 50 mark. What we ought to glean from this is that businesses in the Services sector are still fighting post-pandemic headwinds; the good news here is there is next to no reliance on foreign markets, at least compared to Manufacturing.Questions or comments about this article and/or its author? Click here>> Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Automatic Data Processing, Inc. (ADP): Free Stock Analysis Report Invesco QQQ (QQQ): ETF Research Reports SPDR S&P 500 ETF (SPY): ETF Research Reports SPDR Dow Jones Industrial Average ETF (DIA): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report