The rise Thursday came after Federal Reserve Chair Jerome Powell predicted that inflation would remain...
The rise Thursday came after Federal Reserve Chair Jerome Powell predicted that inflation would remain above 2% until at least 2025, meaning the Fed would probably have to keep its benchmark rate higher for longer.
Unemployment rate drops to 3.6% as U.S. economy generates 209,000 new jobs
As fears of a recession persist but have yet...
As fears of a recession persist but have yet to be realized, U.S. employers added 209,000 jobs in June, the Labor Department reported Friday. The unemployment rate was 3.6 percent, compared with 3.7 percent in May.
It was the 30th consecutive month of gains in American payrolls, but the June figure represented a continued cooling of the labor market. The total was down from a revised 306,000 in May and was the lowest since the streak began. The figures are seasonally adjusted.
Stocks end off session lows, attention turns to June jobs report
Stocks ended with a loss, but off session lows, on Thursday after...
Stocks ended with a loss, but off session lows, on Thursday after a large jump in an estimate of private-sector jobs growth sent Treasury yields soaring and underlined worries about how high the Federal Reserve will ultimately need to raise interest rates.
The Dow Jones Industrial Average around 366 points, or 1.1%, to close near 33,922, according to preliminary data, while the S&P 500 and Nasdaq Composite each shed 0.8%.
ADP on Thursday morning said the private sector added 497,000 jobs in June. Economists polled by the Wall Street Journal had forecast a gain of 220,000 private-sector jobs. The ADP data typically isn’t a big market mover given that it’s not a reliable guide to official jobs figures, but the jump in the June data appeared to be too big for traders to ignore.
The Labor Department will release its closely watched June jobs report at 8:30 a.m. Eastern on Friday.
Energy stocks and broader equities are trading firmly in negative territory, with losses in futures accelerating following robust private sector payrolls growth in June. ADP reported new job openings grew by 497,000 in June, more than double expectations. While this illustrates a strong labor market, it increases the likelihood of further rate increases from the Federal Reserve in the near term.
Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of a global economic slowdown.On the supply side, top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than 5 million bpd, equating to 5% of global oil output.
Natural gas futures are lower by a penny on higher gas output, which overshadowed forecasts for hotter weather.
Mexican Drivers Pay More for Gasoline than Americans
American drivers have it good compared to their Mexican counterparts who on...
American drivers have it good compared to their Mexican counterparts who on average pay 135% more for gasoline, according to data compiled by Hart Energy.
The average price of regular gasoline in Mexico was $4.82/gallon (84.30 pesos per gallon) in June, Mexico’s consumer protection agency PROFECO revealed July 3 on its website. This compares to around $4.14/gallon a year ago before adjusting for inflation.
