The US Department of Labor report showed that the unemployment rate fell to 3.7%.
The main Wall Street indices rise this Friday, December 8, after knowing a report about employment in the United States that pointed to a resilient labor market and tempered expectations That the Federal Reserve cut rates of interest early next year.
The index S&P 500 earns 8.66 points, or a 0.2%to 4,594.25 unitsMeanwhile he Nasdaq rises 15.17 pointsor a 0.1%to 14,355.16 units. Meanwhile, the Dow Jones Industrial Average advances 76.16 pointsor a 0.2%to 36,193.54 units.
In this way, so far in 2023, the S&P 500 up 19% and is very near its highest intraday level of the yearreached in July.
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New York Stock Exchange
US employment report: how it impacts Wall Street
He Department of Labor report of USA showed that the Non-farm payrolls added 199,000 jobs in Novemberwhich is compared to the 180,000 expected.
The unemployment rate fell to 3.7%in front of the expectations to remain in the 3.9%while average income increased by 0.4% monthly, despite an expected increase of 0.3%.
The bets the Fed will cut rates in March fell to 46.7% after the report, from 57.7%according to CME Group’s FedWatch tool.
“Pressure has increased on the Federal Reserve to adopt a more expansive message, but “These figures will provide cover for the Fed to continue with that hard-line approach.”said Tony Rothh, chief investment officer at Wilmington Trust in Philadelphia.
“The market has been prepared for perfection in terms of soft landing. But That’s not going to happen in a straight line, It’s going to be unequal,” he added.
Source: Ambito
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