The labor market has managed to hold firm in the face of aggressive rate hikes driven by the Federal Reserve, worrying investors.
The labor market has managed to hold firm in the face of aggressive rate hikes driven by the Federal Reserve, worrying investors.
Depositphotos
The main indices of Wall Street They erased the initial losses and then rose steadily. At the opening and following the release of a robust employment report that intensified concerns about the possibility that interest rates remain high for a prolonged period.
U.S. job growth rose in September, indicating the labor market remains strong.or strong enough for the Federal Reserve to consider raising interest rates this year, although a moderation is observed in the salary increase.
Thus things, the Dow Jones Industrial Average rises 0.8%, while the S&P 500 rises 0.9%. For his part, the Nasdaq Composite climbs 1.2%.
The latest report from the Department of Labor reveals that non-farm payrolls increased by 336,000 positions in September, significantly exceeding expectations of 170,000 additions, according to a survey conducted by Reuters among economists.
Wall Street and employment data
“Payrolls beat estimates by a wide margin, the economy appears to be booming and the ‘higher for longer’ narrative will likely be reduced to simply ‘higher,'” says Neil Birrell, chief investment officer at Premier Miton Diversified Growth Funds. “This is causing concern at the Federal Reserve and giving us all a lot to think about; “Once again, the American economy is demonstrating its resilience.”
The labor market has managed to maintain firm in the face of aggressive rate hikes driven by the Federal Reserve, worrying investors. There are fears that the central bank will maintain its tighter monetary policy for a prolonged period in its fight against inflation.
Source: Ambito
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