Wall Street reacts: there’s no signs of Fed backing off despite ‘cooling’ labor market
A slower but solid gain in U.S. employment in August sparked a rise in stocks on Friday as Wall Street assessed one of the last major economic reports the Federal Reserve will see before it raises its benchmark interest rate at its upcoming September meeting.
The economy added a robust 315,000 new jobs in August, the Labor Department said Friday, roughly in line with expectations of 318,000 jobs from a survey of economists by The Wall Street Journal, and well off the 526,000 gains in July. Federal Reserve Chair Powell said in his Jackson Hole address last Friday that the central bank will continue its battle to get the annual inflation rate back to its 2% target “until the job is done” despite the “unfortunate cost” to bring some pain to households and businesses.
See: Trading on ‘Goldilocks’ jobs report may be hazardous as S&P 500 encounters stiff technical resistance
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labor market added 315,000 jobs in August, a bright spot in the economy
Read more »
Hurricane season 2022: August finishes without any named storms for first time in decadesThe 2022 hurricane season completed the rare feat of not producing any name cyclones during August’s La Niña.
Read more »
The 40 best photos in the month of August by Chicago Tribune photographersFrom the city to the suburbs and beyond, Chicago Tribune photojournalists visually document what is happening in our neighborhoods, tell the stories of those who live and work in our communities and show the impact that the arts, politics and sports have throughout northern Illinois. In this installment of the best photos of the month, you'll find coverage of annual Bud Billiken parade, the start of football season with the Chicago Bears, the Illinois State Fair – and many moments that tell the story of the lives of people who live in the Chicago area.
Read more »
Bitcoin futures volume hit a 21-month low in August, as ether volume surgedTrading volumes in bitcoin futures fell below $1 trillion in August even while ether volume surged ahead of The Merge.
Read more »