Home / Business and Economy / US Economy Shocks: Job Losses Rise, Stocks Tumble
US Economy Shocks: Job Losses Rise, Stocks Tumble
17 Dec
Summary
- US economy lost 105,000 jobs in October, unemployment hit 4.6%.
- November saw 64,000 jobs added, exceeding estimates.
- Energy stocks fell as crude oil reached its lowest point since 2021.
Recent economic data has cast a shadow over U.S. markets. The Bureau of Labor Statistics reported that the economy lost 105,000 jobs in October, pushing the unemployment rate to 4.6%, its highest since September 2021. While November showed a recovery with 64,000 jobs added, exceeding the 45,000 consensus, the preceding figures caused significant investor concern.
The market reacted negatively to the news, with major indexes like the S&P 500 and Dow Jones experiencing consecutive losing sessions. The energy sector was particularly hard-hit, as U.S. crude oil prices plummeted to their lowest point since 2021 amid concerns of a looming surplus. Major oil companies saw their stock values decrease significantly.
Looking ahead, Federal Reserve Governor Christopher Waller and New York Fed President John Williams are scheduled to deliver speeches. Additionally, traders are anticipating Thursday's release of the November consumer price index, which will provide further insight into inflationary pressures and the overall economic outlook.
