#JobsReportShock
The jobs report showed payroll gains came close to moderate expectations, but the details pointed to a softer labor market — even before the disruptive impact of Trump tariffs and government layoffs began to be felt. Yet Federal Reserve Chairman Jerome Powell stuck by his "solid" assessment of the job market. The S&P 500 is down sharply in Friday afternoon stock market action.
The S&P 500 rose in morning trade as stocks look to recover from Thursday's sharp sell-off with the help of a strong earnings report from AI chipmaker Broadcom.
The February jobs data doesn't say much about where the economy is going. That's because the jobs report, which is based on mid-month surveys of businesses and households, got a boost as the effects of mid-January's harsh weather and Los Angeles wildfires reversed. Further, federal workforce cuts directed by Tesla CEO Elon Musk's Department of Government Efficiency hadn't yet gathered steam by mid-February, when the S&P 500 was still on its ways too new highs as business optimism took precedence over tariff concerns.
Like & Follow 😘😘