Stock Market Today: Stocks Stabilize After Jobs Report Jolt

There November job report dealt a hard blow to stocks today, and data from the Department of Labor suggests the Federal Reserve still has a long way to go in its efforts to slow the economy. Specifically, the United States added a higher-than-expected 263,000 jobs in November, while the unemployment rate remained steady at 3.7% and average hourly earnings grew 5.1% year over year. Shares initially sold off sharply on the news, but the end of the day was not nearly as bad as the beginning.

“Investors are focused on persistent inflation and fears that the Federal Reserve’s aggressive rate hikes and balance sheet reductions will trigger a recessionSo today’s news that hourly earnings in the private sector grew 0.6%, which easily blew out the expected increase of 0.3%, is a hurtful interception during what has been an impressive comeback late in the fourth quarter,” said José Torres, senior economist at Interactive Brokers. “It’s the third consecutive month of earnings acceleration and it comes just two days after Fed Chairman Jerome Powell implies that labor market weakness is bound to tame decades of high inflation.”

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