NewsWorldWall Street opens lower after employment report

Wall Street opens lower after employment report

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WALL STREET OPENS FALLING AFTER EMPLOYMENT REPORT

PARIS (Reuters) – The New York Stock Exchange opened lower on Friday after news of a much sharper-than-expected slowdown in job creation in the United States in August, which rekindles doubts about the strength of the economic recovery.

A few minutes after the start of trading, the Dow Jones index lost 111.31 points, or 0.31%, to 35,332.51, the Standard & Poor’s 500 0.18% to 4,528.64 and the Nasdaq Composite 0.14 % at 15,309.85.

The US economy only created 235,000 non-farm jobs last month according to the Labor Department’s monthly report, a figure more than three times lower than expected which confirms a deterioration in the momentum of economic recovery amid resurgent economic growth. the COVID-19 epidemic, labor shortages and tensions on supply chains.

But wages have risen more than expected, which could fuel inflation and make it harder for the Federal Reserve to work as its officials debate whether to cut back on support for the economy.

These figures favor, among other things, the rise in long-term bond yields: that of ten-year Treasury bills rose to 1.3291% against less than 1.30% before their publication.

Doubts about the recovery are hurting, among other things, values ​​linked to unconstrained consumption, such as Nike, which lost 0.33% or Best Buy (-0.89%).

The market expects at 2:00 p.m. GMT the ISM index of activity in services for the month of August, which the Reuters consensus gives down to 61.5 after 64.1 in July.

(Written by Marc Angrand)

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