Job gains slow down in April
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 3 May 2024
⏱️ 1 minutes
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Summary
Stocks rise; total number of new jobs smallest since October; wage gains slow down; services sector contracts.
Transcript
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| 0:00.0 | This is the marketplace minute. |
| 0:03.0 | I'm Justin Ho. |
| 0:05.0 | Stocks closed higher after the Labor Department reported that the economy added 175,000 jobs in April. |
| 0:11.0 | The Dow gained 1 in 2 tenths percent. the S&P added 1 in a quarter percent, and the |
| 0:16.1 | NASDAQ jumped 2 percent. Most of the new jobs in April were in health care, social |
| 0:20.8 | assistance, and transportation and warehousing. |
| 0:23.8 | The total number of new jobs was the smallest since October, and the unemployment rate ticked |
| 0:27.8 | up slightly. |
| 0:29.2 | Average hourly earnings were up 3.9% over the last 12 months, that's the slowest pace of wage gains in three years. |
| 0:36.0 | All three of those data points are assigned that the labor market is continuing to loosen, |
| 0:40.1 | and that could help the Federal Reserve's effort to bring inflation down to its 2% target. |
| 0:45.0 | And the services sector got smaller in April for the first time in almost a year and a half, |
| 0:49.6 | according to the Institute for Supply Management. |
| 0:51.6 | New orders grew at a slower pace than in March. |
| 0:55.2 | I'm Justin Ho, with the Marketplace Management Act. You're going to. |
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