The Labour Department reported the unemployment rate fell to 3.5%, lower than expectations of 3.7%, in an economy that continues to show resilience despite the Fed’s efforts to bring down high inflation by weakening growth.
The job gains, lower unemployment rate and continued healthy wage growth point to a labour market Fed officials will likely still see as keeping inflation too high. “This was a classic case of good news is bad news,” he said. “The market took the good news of the robust labor market report and turned it into an ever-more vigilant Fed and therefore potentially higher risks of a recession next year.”
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Wall Street closes lower as the Fed pounds rate hike drum - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Wall Street’s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly non-farm payrolls numbers that the Federal Reserve’s aggressive interest rate stance will lead to a recession.
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Business Maverick: Stocks Sink as Swaps Show Jumbo Hike a ‘Done Deal’: Markets WrapWall Street got another reality check, with data showing a hot labor market that will likely keep the Federal Reserve on its aggressive hiking trail. As a result: stocks sold off and benchmark Treasury yields pushed toward their longest weekly up streak since 1984.
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