The U.S. economy added 29,000 jobs last month, missing expectations in a softer-than-expected labor report that pushed the Nasdaq up about 1% near a record high. Investors reacted to the slower job growth by betting that the Federal Reserve will not be forced to raise interest rates as aggressively as previously feared. The national unemployment rate ticked up to 4.2% from the previous month, signaling a steady but cooling labor market.
Stock Rally and Treasury Yield Reactions
Equity markets climbed following the employment figures, with the Nasdaq index approaching record territory. Bond market reactions proved more measured. Treasury yields initially declined after the jobs data dropped, but subsequently retraced those moves to trade higher on the day.
France continued to worry bond investors, as yields on its two-year debt jumped to their highest level since 2008.
Global Crude Oil Release and Price Shifts
Brent crude oil futures fell about 1% on the session, though prices recovered from their session lows. The downward pressure on oil came after the Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks in coordination with allied nations.
This coordinated release appeared to remove the immediate threat of a U.S. ban on diesel exports, stabilizing international energy markets.
What was the U.S. job growth figure last month?
What was the exact U.S. job growth figure last month?
The U.S. added 29,000 jobs last month, falling significantly short of market expectations.
How high did the unemployment rate rise?
The national unemployment rate rose to 4.2%, up slightly from the previous month.
How many barrels of oil did the G7 agree to release?
The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from emergency stockpiles.
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