Dec. 1 (Bloomberg) -- U.S. stock-index futures extended gains after a private report showed U.S. companies added more jobs than economists forecast last month, bolstering optimism in the economic recovery.
Futures on the Standard & Poor’s 500 Index expiring this month rose 1.3 percent to 1,195.1 at 8:18 a.m. in New York. Dow Jones Industrial Average futures rallied 132 points, or 1.2 percent, to 11,128.
Companies in the U.S. added 93,000 workers to payrolls in November, according to figures from ADP Employer Services. The ADP number was forecast to show a gain of 70,000 jobs, according to the median estimate of 40 economists surveyed by Bloomberg News. Projections ranged from gains of 40,000 to 125,000.
The S&P 500 dropped 0.6 percent yesterday, taking the measure to a 0.2 percent decline for November, as concern mounted that Europe’s government debt crisis will worsen and as Google Inc. faced an antitrust probe.
Today’s factory index from the Institute for Supply Management will show U.S. manufacturing expanded for the 16th consecutive month in November, a sign that the world’s largest economy continues to recover. Economists forecast a reading of 56.5, little changed from the index’s five-month high of 56.9 in October, according to the median estimate in a Bloomberg News survey. Another report may show construction spending fell. Both reports are due at 10 a.m. New York time.
The Federal Reserve will release its report on regional economic activity, known as the Beige Book, at 2 p.m.
Earlier today, China’s logistics federation reported that the country’s manufacturing industry grew at a faster rate for a fourth straight month in November. The federation’s Purchasing Managers’ Index rose to 55.2 last month, the fastest pace in seven months, from 54.7 in October. That beat the 54.8 median forecast of economists in a Bloomberg News survey.
The Fed, under orders from Congress, will today identify who received $3.3 trillion in emergency aid that the central bank provided as it fought the worst financial crisis since the Great Depression.
The Fed intends to post the data on its website at midday in Washington to comply with a provision in July’s Dodd-Frank law that overhauled financial regulation. The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.
To contact the editor responsible for this story: Michael Regan at email@example.com