Fears about rates and the economy following the release of the employment report cause stocks to decline; the Dow declines 500 points.
Fears about rates and the economy following the release of the employment report cause stocks to decline; the Dow declines 500 points.
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After the government reported that companies recruited more people last month than experts anticipated, the S&P 500 fell more than 2% in early trade.
After the government reported that companies recruited more people last month than experts anticipated, the S&P 500 fell more than 2% in early trade.
Last month, employers created 263,000 new employment. Despite a decline from the 315,000 new hires in July, that number is still higher than the 250,000 economists had predicted.
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The Nasdaq dropped 2.72% and the Dow Jones Industrial Average dropped 502 points, or 1.68%.
The Nasdaq dropped 2.72% and the Dow Jones Industrial Average dropped 502 points, or 1.68%.
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According to the employment data released on Friday, average worker pay increased 5% from a year ago in the previous month.
According to the employment data released on Friday, average worker pay increased 5% from a year ago in the previous month.
The Fed believes that in order to ensure that inflation decreases and stays low, we need more people to be jobless.