The U.S. Department of Labor surveys everyone, and Wall Street is happy with the news

Department of Labor

The U.S. Department of Labor surveys everyone, and Wall Street is happy with the news.

Investors turn their attention to the latest report released by the U.S. Department of Labor, a report that will most likely affect 90% of the FED interest rate hike decisions.

September’s job reports came in bitter that market explanation, increasing the likelihood of one more interest rate hike. The monthly official job reports are one of the essential reports that monetary policymakers tend to use to adjust their monetary decisions.

As for this week, it’s been a mixed week in terms of job data and Wall Street gains, but the final report erases any concerns about tight hiring in the labor market. Overall, economists calculate that the U.S. economy added 160K jobs in September, down from the 187K estimated for August and the 269K. However, the market has another say in the market forecast. The U.S. Department of Labor released the nonpayroll frame numbers, which include the fact that the U.S. added 336,000 jobs last month. The number is much higher than the previous forecast, precisely 170.000 higher than the given number. Experts see the September job growth number as one of the highest hiring jobs in the last 12 months in terms of numbers and unemployment rate.

On top of that, the reports show that the unemployment rate in the U.S. remains unchanged, stable at 3.8% this month and the previous one as well. As for the average hourly earnings, the data roughly adds a solid 0.2% in September.

previously Diane Swonk, chief economist at KPMG U.S., said that the Fed’s marathon, in terms of combating inflation, has turned into a bit of a relay race in the labor r market. As for marketers, the probability of raising interest rates in November has just skyrocketed in anticipation of more crucial economic data.

Meanwhile, in the crude oil business, crude oil prices saw a 10% decline this week alone, the highest decline since April 2023. Crude oil rose slightly after starting the day on a declining trend. The West Texas Intermediate rose by 0.53% to $82.36 per barrel, while Berent oil climbed 0.53%

Broadly speaking, oil prices dropped due to concerns about a global economic slowdown and reduced fuel demand. This week, U.S. data revealed a significant increase in gasoline stocks, signaling decreased gasoline demand in the world’s largest consumer. Consequently, oil prices were set for their most substantial weekly decline in months.

Meanwhile, in the stock market, Wall Street’s main indexes climbed, erasing some of this week’s losses. The S&P 500 benchmark jumped by 1.26% to 4.316 bps, the Nasdaq jumped by 1.57% to 13.428 bps, and the Dow feature added 1.03% to 33.459 bps.

In other economic news, long-term mortgage rates have surged to their highest point in a generation due to an increase in the 10-year Treasury yield, as reported by Freddie Mac. As of October 5th, 30-year fixed-rate mortgages averaged 7.49%, a notable rise from 7.31% the previous week and 6.66% a year ago.

Written by Editor

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