6 Jul 2023 3:01 pm
Since the unemployment rate is stay basically unchanged for the last 13-14 months, either people who were on the government role are being forced to get a job (could be a good thing) or more and more people are having to get second (or third) jobs to make ends meet because of the screwed up economy (a bad thing).Bruce » 06 Jul 2023, 2:33 pm » wrote: ↑ Stocks tumbled on Thursday after fresh data signaled that the labor market remains piping hot, heightening concerns that the Federal Reserve will raise interest rates for longer than expected.
The Dow dropped 372 points, or 1.1%, by mid-afternoon Thursday, after falling nearly 500 points earlier in the trading session. The S&P 500 fell 0.8% and the Nasdaq Composite slid 0.9%
US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP's latest National Employment Report released Thursday. That's significantly higher than the 220,000 jobs economists predicted, according to Refinitiv.
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How will Fox News spin this?