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Business Maverick: U.S. Stocks Slip as Economic Growth Worries Mount: Markets Wrap

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U.S. equities slumped after the vice-chair of the Federal Reserve suggested rates could rise by 2023 and mixed economic data for July showed U.S. companies adding far fewer jobs than expected.

growth, indicating persistent hiring obstacles despite improvements in the economy.

“After losing 19.6 million jobs in March and April last year, we’ve since added back 13.1 million,” Peter Boockvar, chief investment officer for Bleakley Advisory Group, wrote in a note ahead of Friday’s U.S. jobs report. “I really don’t like to use the word ‘stagflation’ but we have a form of it now, unfortunately, which will make the job of the Federal Reserve even that much more difficult.”

With stocks in Europe and the U.S. at or around record highs, equities have weathered concerns about the spread of delta virus variant as expectations for continued stimulus and solid earnings have propelled shares higher. However, risks still remain.

 

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