Wall Street Today | US Payrolls Rise by More Than Forecast While Wage Growth Cools
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US Payrolls Rise by More Than Forecast While Wage Growth Cools
US hiring picked up in August and wage growth slowed, offering a mixed picture of both resilience and moderation in the labor market.
Nonfarm payrolls rose by 187,000 after the prior two months were revised significantly lower, a Bureau of Labor Statistics report showed Friday. The unemployment rate climbed to 3.8%, the highest since early last year and largely reflecting a pickup in participation.
The payrolls figure also showed a combined drop of 54,000 jobs in the film and trucking industries, mainly due to an entertainment strike and the shutdown of a major carrier, the report showed.
Fed's Mester Says US Inflation Too High But Jobs in Better Balance
Federal Reserve Bank of Cleveland President Loretta Mester said US inflation remains too high despite recent improvements, and the labor market is still strong.
Policymakers need to closely monitor markets and economic data to assess how the economy is evolving to inform their future policy decisions, Mester said Friday. She did not specify whether she thinks another interest-rate increase is needed or what she believes the Fed should do at its Sept. 19-20 policy meeting.
Manufacturing Activity Contracts Again, But Things Are Looking Up
The manufacturing industry is still shrinking. But things are getting a little better.
The Institute for Supply Management's purchasing managers index, or PMI, came in at 47.6 in August, up from 46.4 in July. The reading released Friday means the U.S. manufacturing sector has contracted for 10 consecutive months.
The reading is a beat. That is the first bit of good news. Things are contracting slower than they were earlier in the year. That's a second bit of good news.
SECTORS
Oil Surges Through $85 Barrier as OPEC+ Supply Cuts Grip Market
Oil prices surged above $85 as a monthslong effort by OPEC+ to reduce supplies gripped the physical market, and China showed a new resolve to bolster its economy, a key engine of global crude consumption, Bloomberg reported.
West Texas Intermediate climbed for the seventh straight day, extending the longest such run since January and closing at the highest settlement price since November. US futures have advanced 7.2% this week, notching the biggest weekly gain since March.
COMPANIES
Tesla Slices Prices for Premium Vehicles
$Tesla(TSLA.US$ revamped the Model 3 sedan with sleeker looks and longer range while slashing prices of its premium vehicles in an all-out push to boost sales.
Cathie Wood's ARK Buys Up More Palantir Shares While Selling Some Shopify Stock
$Palantir(PLTR.US$ and $Shopify(SHOP.US$ shares both made dramatic moves in Thursday's session, and Cathie Wood's Ark Investment used those to tweak its positions.
The flagship $ARK Innovation ETF(ARKK.US$ added about 525,000 shares of Palantir on the day, worth $7.9 million based on Thursday's closing prices. The $ARK Fintech Innovation ETF(ARKF.US$ bought up about 58,000, worth roughly $874,000, while the $ARK Next Generation Internet ETF(ARKW.US$ purchased about 89,000 shares, worth just over $1.3 million.
Amgen to Takeover Horizon Therapeutics
$Amgen(AMGN.US$ can move forward with its $27.8 billion takeover of $Horizon Therapeutics(HZNP.US$ after the US Federal Trade Commission said Friday that it accepted a binding settlement that the combined company won't bundle together two of Horizon's blockbuster drugs.
Walgreens CEO Steps Down
$Walgreens Boots Alliance(WBA.US$Rosalind Brewer stepped down from her post as chief executive officer and board member during a rocky shift to a wider offering of healthcare services while the shares have plunged.
Dell Stock Hits a New High
$Dell Technologies(DELL.US$ was having a good year and it looks set to get even better. Shares of the PC and enterprise hardware company were gaining Friday after Dell's latest earnings update with analysts seeing three drivers for further gains.
Source: Bloomberg, Dow Jones, CNBC, Barron's
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Maxima957 : income is cold compared to inflation