Stock Market Today: Stocks Stabilize After Jobs Report Jolt

The November employment report The Federal Reserve still has a long way to go in its efforts to slow the economy, with data from the Labor Department hitting stocks hard today. In particular, the United States added a more-than-expected 263,000 jobs in November, while the unemployment rate held steady at 3.7% and average hourly earnings rose 5.1% year-over-year. Stocks initially sold off sharply on the news, but the end of the day wasn’t nearly as bad as the start.

“Investors are continuing to focus on inflation and fears of the Federal Reserve’s aggressive rate hikes and balance sheet reductions. recessionSo today’s news of a 0.6% increase in private sector hourly earnings, which easily beat the expected increase of 0.3%, is a painful setback at what was an impressive comeback at the end of the fourth quarter,” says Jose Torres, senior economist at Interactive Brokers. ” This is the third consecutive month of wage increases and comes two days after. Fed Chairman Jerome Powell The implication is that labor market weakness is necessary to curb decades of high inflation.”

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