Weaker-than-expected monthly US jobs growth data soothed concerns of an aggressive rate hike.
Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 6, 2023. REUTERS/Brendan McDermidLevi Strauss falls after slashing annual profit outlookJuly 7 - Wall Street's main indexes rose on Friday after monthly U.S. jobs growth came in weaker than expected, soothing concerns the Federal Reserve would need to move more aggressively to cool the economy.
The U.S. added the fewest jobs in 2-1/2 years in June, although persistently strong wage growth pointed to still-tight labor market conditions, U.S. government data showed. The data showing nonfarm payrolls increased by 209,000 jobs last month followed Thursday's report that June private payrolls surged, which sparked a sell-off on fears the Fed would move aggressively to hike rates to tame inflation.
"There was a wave of panic that went through with ... some of the early employment numbers," said Carol Schleif, chief investment officer with the BMO Family Office. "After people had a chance to reconsider and look at the broader numbers today and look under the hood and realize that maybe it's not as hot as we thought based on yesterday's numbers."
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