>> A market friendly jobs report indicating an economy that's not too cold, but also not too hot, wasn't enough to stop another stock market slump. Friday's late day spiral coming after conflicting comments from the White House on the US China trade spat. The Dow dropping more than 500 points by sessions end, it was a stock markets worst weekly performance since March.
Economic data took a backseat, the labor department announcing Friday employers added a softer than predicted 155,000 new jobs in November, and just as important, wage gains did not pick up on a year over year basis. I'm Conway Gittens in New York. The softer than anticipated jobs report is just the latest sign that the US economy may be tapping on the brakes.
Hiring is now below the 12 month moving average, weekly jobs claimed have been ticking up over the recent weeks, construction spending down three months in a row, higher interest rates knocking down the housing market, and business spending on equipment has been lackluster. Put that all together, and there are some on Wall Street who are even now more convinced that the Federal Reserve should go on hold after its next rate hike, which is expected at its meeting in December.
Looking closer at what's going on in the labor market, the unemployement rate held steady at 3.7%, a near 49 year low, but talk of fewer rate hikes, didn't stop tech from being the worst performing sector of the day. Apple continues to get beaten down amid fears its latest iPhone lineup isn't performing well.
The tech giant losing all of its stock market gain for this year, and with investors more worried about what happens after the 90 day trade war truce between the US and China, investors fear there could be more stock markets losses to come.