The international situation and the war in Ukraine are having a devastating effect on the world economy. The New York Stock Exchange is no exception. On Friday, Oct. 7, Wall Street closed in a heavy red following the release of US employment data, which shows that hiring is slowing, but despite the Fed-led rate hike, there are still 263,000 more jobs in demand. September. The Dow Jones lost 2.21% to 29,258 points. The Nasdaq is down 3.8% to 10,552 points. The S&P 500 shows strong selling and is down 2.84% to 3,638 points.
The difficulties had already been registered in the morning. Wall Street opened strongly after the US labor market report, one of the key indicators the Fed looks to adjust the cost of money. In the United States, 263,000 new jobs were created in September, less than in August (315,000), the lowest since April 2021, but above the estimated 250,000: a number that shows that, despite the companies’ caution, the The labor market is still solid, which means the Federal Reserve has enough room to continue its monetary tightening plan. The unemployment rate also dropped to 3.5%, matching a 29-month low in July and below market expectations of 3.7%.
Source: IL Tempo
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
