07/08/2022

Wall Street Dips After Strong Jobs Data Fans Rate Hike Worries

Indexes still on track for weekly gains

U.S. stocks slipped in choppy trading on Friday after a robust jobs report stoked fears of aggressive interest rate hikes by the Federal Reserve to keep inflation in check.

The Labor Department's closely awaited data showed nonfarm payrolls rose by 372,000 jobs in June, higher than the estimated rise of 268,000 jobs, according to a Reuters' poll of economists.

The report also showed jobless rate remained near pre-pandemic lows at 3.6 percent and average hourly earnings rose 0.3 percent, after gaining 0.4 percent in May.

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