European markets fall as rates rise after key U.S. jobs report – CNBC

by | Oct 7, 2022 | Jobs

24 Min AgoU.S. stocks open lower following jobs reportU.S. stocks opened lower Friday as Wall Street digested September’s jobs report.The Dow Jones Industrial Average was down 1% in early deals while the S&P 500 was 1.3% lower. The Nasdaq Composite slid 1.75% after a stronger-than-expected employment data pointed to further interest rate hikes. — Karen Gilchrist1 Hour AgoUnemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strongFriday’s nonfarm payrolls report showed the U.S. economy added 263,000 jobs in September, slightly below a consensus forecast of 275,000 from economists polled by Dow Jones. However, the unemployment rate slid to 3.5% from 3.7% in August, signaling a strengthening jobs market even as the U.S. Federal Reserve hikes interest rates in order to cool the economy and stem inflation. The reading will increase bets on a more aggressive monetary policy tightening trajectory ahead of the Fed’s next meeting in November. U.S. Treasury yields jumped following the data release.”It’s unlikely that the Fed can lower job openings without raising the unemployment rate against the backdrop of high inflation, fading profit margins, and rising interest rates,” said Richard Flynn, managing director at Charles Schwab U.K. “The Fed has been increasingly clear that substantial weakness in the economy may be the expense for a return to lower inflation. As rate hikes feed through to the real economy in the months ahead, the labour market may weaken further, reflecting investors’ recessionary concerns.”- Elliot Smith3 Hours AgoThe Kremlin behaved ‘like a drug dealer’ over gas supplies, Polish PM saysThe Kremlin behaved “like a drug dealer,” Poland’s Prime Minister Mateusz Morawiecki told CNBC’s Charlotte Reed in an exclusive interview.”Initially the gas [from Russia] was supposed to be very cheap, but the real price of the gas we now know. The real price of the gas is also the blood of soldiers and people, children and women in Ukraine and …

Article Attribution | Read More at Article Source

Share This