Stocks Slip After Delayed Jobs Figures Paint Weak Picture of Economy
Stocks fell slightly on Tuesday as traders digested the delayed release of the November’s jobs report.
The S&P 500 fell 0.1%, while the Nasdaq Composite pulled back about 0.2%. The Dow Jones Industrial Average hovered around the flatline.
November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period.
However, the BLS reported that October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.
Odds of a Fed rate cut next month didn’t change following the latest jobs figures, as the CME FedWatch Tool still showed little chance of another reduction in January. Fed funds futures traders are currently pricing in a 24% chance of a rate cut next month, the same as a day ago.
Source : CNBC.com
