Stocks climb after release of PH unemployment data

Local stocks returned to positive territory Friday after the government reported improved employment data.

RCBC chief economist Michael Ricafort said investors also cheered the signing of free trade agreement between the Philippines and South Korea, which could boost investments, employment and overall economic growth. It followed a tough day on Wall Street, which was also hit by a sharp drop in Apple fueled by concerns about China’s decision to ban government departments from using iPhones.

However, the latest set of strong readings — including on the services sector and jobs — and a surge in oil prices have sparked fears the Fed will announce one more hike before the end of the year or keep borrowing costs elevated for an extended period, risking a recession.

Still, Chicago Fed chief Austan Goolsbee told the Marketplace radio program: “We are very rapidly approaching the time when our argument is not going to be about how high should the rates go.”

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