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US Job Reports Keeping the Hopes of Stock Markets Up
As Wall Street calls it, the stock markets are significantly looking great in the American employment landscape. There are hot new jobs in the US right now that are significantly creating a stir among the people.
The unemployment rate is now down at 3.8%, which is now looking great in this quarter. The Dow rose by 307 points or by 0.8% in stocks where they have climbed more than 400 points in the day’s highs.
On the other hand, the S&P gained more than 1.1% i.e., 500 points. NASDAQ Composite has also significantly added to this with 1.2% which means around 650 points.
There are also three major indexes that you need to keep in mind which were lowered and started the second quarter on a very sour note.
Coming to the latest job updates, they are majorly supporting the idea of how the US economy is standing strong against the 23-year high interest rates without avoiding any sort of recession. They also raise the question of how the Federal Reserve is now going through the long-awaited rate cuts.
Additionally, the US economy added around 303,000 jobs last month. According to the US Bureau of Labor Statistics, this blew past their expectations of only landing around 205,000 job gains by this year.
However, on the other hand, the bank unemployment rates are now jumping at a whooping rate of 6.4%. Even though joblessness has historically struck below 4%, the banking industry should now really pull its socks up.
The household survey even feeds to the job reports that the employment rate although is now stabilizing in the US, it might even be possible that this leap is exaggerated.
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