The stock market was on edge into the nonfarm payroll report on Friday fearing a hot labor market could push the Fed to hike rates again.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"I don't think the week's data indicates the labor market needs higher interest rates," said Daniel Zhao, lead economist at career platform Glassdoor.com."Wage growth was much cooler than expected.", and had also added 119,000 more jobs in July and August than previously estimated. But average hourly income rose just 0.
"You want to see around 3.5%, which is 2% inflation and 1.5% for productivity growth," Crofoot said, noting that the same index rose at about a 5% annual rate in the second quarter."And we are close to that." The numbers that mattered the most this week are the ones that pointed to a soft landing, said Goldman Sachs chief economist Jan Hatzius. The Fed is not out to create unemployment for the sake of unemployment, Hatzius said on CNBC – its mission is to balance full employment and price stability.
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From Tuesday's Dow drop to Friday's rally, here's why it was a violent week for the marketThe Fed is watching the jobs market closely, especially wages, as a key inflation source left to bring down, and labor data led to a big market whipsaw.
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Stock Market Today: Dow, S&P 500 Open Lower After Jobs Report Comes in HotLive coverage of what's moving stocks and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite
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