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Monday, February 6, 2023

Wall Street soars after US employment data: what reading does the market do?

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The unemployment rate in the United States fell 2 tenths in December and it stood at 3.5%, according to data published this Friday by the Bureau of Labor Statistics (BLS, in English).

However, in the last month of the year, 223,000 new jobs were created, 40,000 less than in November, at a time when everyone is observing the effects that interest rate hikes may be having on the labor market to contain the inflation.

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In fact, the BLS points out, during all of 2022 – a year in which inflation has run amok due to failures in the global supply chain derived from the pandemic and the Ukrainian War – 2.2 million fewer jobs were created than a year earlier: 4.5 million, compared to 6.7 million in 2021.

Across sectors, green numbers dominated, with the strongest gains for those of energy (1.8%) Y non-essential goods (1.6%).

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Among the companies with Dow Jones earnings were Walmart (2.3%) and Visa (2.6%).

In other markets, Texas oil rose to $74.79 a barrel at this time, the yield on the 10-year US bond fell to 3.7%, gold rose to $1,847.7 an ounce and the dollar gained ground against the euro, with a change of 1.0511.

Source: Ambito

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