Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Wall Street Mixed as Nonfarm Payrolls Indicate Economy Cooling Slowly

image
icon 05/07/24
icon 137

Wall Street Mixed as Nonfarm Payrolls Indicate Economy Cooling Slowly

On Friday, U.S. stocks were mixed as investors digested indications of the labor market cooling slowly, giving the Fed food for thought as it attempts to curb inflation.

The NASDAQ Composite climbed 60 points or 0.3%, the S&P 500 gained 6 points or 0.1%, and the Dow Jones Industrial Average traded 30 points, or 0.1%, lower.

In June, the economy in the U.S. added more jobs than expected, although the number was lower than the previous month, indicating a possible easing in labor demand in the world’s biggest economy.

According to Friday’s Labor Department data, last month’s nonfarm payrolls were at 206K, down from May’s 218K. The reading for May was also revised heavily lower from the initial level of 272K, while April’s was decreased by 57K to 108K.

Economists had expected the June number to be at 191K.

The unemployment rate edged up to 4.1%, the highest level since Nov. 2021 and higher than expectations that it would be the same at the May number of 4.0%.

Data earlier in the week showed that last month, private payroll additions eased, and the quits rate was steady, indicating possibly decreasing wage pressures.

In theory, momentum leaving the jobs market may contribute to easing inflation.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 279
May 15, 2024
icon 279
prev next
This site is registered on wpml.org as a development site.