Friday morning the Federal Reserve released the Employment Situation Summary by the United States Department of Labor. According to the report, the U.S economy had created about 130,000 new jobs in August, which is the smallest increase in three months and eludes to the slowing hiring by employers amid the U.S. and China trade war and its effect on global economies. The U.S. unemployment rate has remained at 3.7%. Notable job gains have occurred in health care and financial activities, while jobs in mining have been lost.
Here's how the market settled after trading today:
Dow Jones Index (DIA): +2.06% or 69.31 points
S&P 500 (SPY): +0.091% or 2.17 points
NASDAQ (QQQ): -0.17% or 13.75 points
Economists believe that this report will lead the Federal Reserve to cut interest rates, but many suggest that the actual job creation will be higher due to the number of employers who do not file the job survey in August because many are on vacation.
Federal Reserve Chairman Jerome Powell spoke Friday afternoon in Zurich, Switzerland on the economic outlook and monetary policy of the United States. Powell stated that the outlook for the economy remains favorable and that the central bank is "not forecasting or expecting a recession."
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Monday's update will see the further movement of the U.S Stock Market as the fears of recession are being lifted and global economies and trade have better investing outlooks.