Stocks fell early Friday as a surprisngly strong monthly jobs report and weaker-than-expected financial performances from some of the country's biggest technology companies.
, but the government's weekly unemployment benefits report Thursday hinted early that job cuts are not that widespread. Fewer workers applied for unemployment benefits last week than expected, and the number dropped to its lowest level since April. There are still nearly two available jobs for every unemployed American.
Employment in the information sector, which contains many technology companies, fell by 5,000, equal to its decline in December, according to the latest job numbers. Stocks have gained since the year began on hopes that the U.S. Federal Reserve may soon pause interest rate hikes. Such increases help stamp out inflation but also make borrowing costlier for businesses and households, which slow the economy. The new data, however, puts a damper on those hopes.
At this rate I'm not going to be able to retire unless the American economy completely crashes.
When Americans are doing well, Wall Street does worse. The system is broken.
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