Dow ekes out a gain | Strong jobs report | Stimulus talks fall apart
nother “disappointing” meeting between Democrats and the White House on coronavirus aid yielded little progress.
Is this your brand on Milled? Claim it.
EDITOR'S NOTE
The U.S. labor market continued its recovery toward pre-pandemic levels last month even as coronavirus cases continue to pop up across the country.
More than 1.7 million jobs were created in July, the Labor Department said, while economists polled by Dow Jones expected an increase of 1.4 million. The unemployment rate also fell more than expected, coming in at 10.2%. The department issued upside jobs growth revisions for May and June as well.
The lion’s share of the employment gains came from the hard-hit leisure and hospitality sector, which added 592,000 jobs. Government and retail jobs also saw sharp spikes last month. 
The stock market had a brief pop after the data was released, but the major averages struggled throughout Friday’s session as uncertainty over a coronavirus stimulus package and rising U.S.-China tensions dampened sentiment.
The Dow and S&P 500 eked out gains in the final hour despite the headwinds.
Meanwhile, President Donald Trump has signed executive orders for U.S. companies to stop all transactions with WeChat and TikTok, both of which are owned by Chinese firms. The U.S. also sanctioned Hong Kong Chief Executive Carrie Lam for carrying out Chinese “policies of suppression.”
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. TOP NEWS
TOP VIDEO
CNBC PRO
SPECIAL REPORTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
