U.S. job expansion over the 12 months ending in March was overestimated by a staggering 818,000 on Wednesday, which is a worrisome sign that the economy has continued to slow down.
Read More Report: 818K Less Jobs Were Created By Biden Admin., Calling For Concerns About The Economy
Markets have been choppy after the S&P 500 and the Nasdaq extended gains to an eighth straight session on Monday.
Read More Wall St little unchanged as investors await Fed cues
Wall Street’s main indexes rose about 1% on Thursday as retail sales data for July indicated resilient consumer spending.
Read More Wall St marches ahead as retail sales quell slowdown worries
Global stocks held steady and government bond yields retreated a touch on Wednesday after data showed U.S. consumer prices rose moderately in July.
Read More Stocks hold firm as US inflation data keep rate cut hopes alive
U.S. inflation rose 2.9% in July last month, versus a year ago, which fell below expectations in a result that likely paves the way for the Federal Reserve to finally begin cutting interest rates next month.
Read More U.S. Inflation Hits 2.9% In July, Opening Possibility For Fed To Start Cutting Rates
A sharp slowdown in the U.S. job market that touched off days of global stock-market turmoil also fueled speculation the Federal Reserve may not wait until its next scheduled meeting.
Read More The Fed has cut rates amid stock swoons before. Not this time