In observance of Labor Day, both the United States stock and bond markets remained closed today, with operations set to resume as usual on the following business day.
Last week, Wall Street experienced notable gains, providing investors with an optimistic outlook. The Dow Jones Industrial Average surged by 1.4%, the S&P 500 made significant strides, rising by 2.5%, and the NASDAQ Composite Index exhibited remarkable growth, climbing by 3.25%.
Notably, the US Bureau of Labor Statistics released the August non-farm payrolls report last Friday. The report indicated an addition of 187,000 jobs to the economy during the month. However, a concerning development emerged as the unemployment rate saw a sharp rise from 3.5% to 3.8%.
Further examination of the report revealed that average hourly earnings showed an annual increase of 4.29%, although this rate of growth was notably slower compared to previous periods. This deceleration in earnings growth raises concerns among economists, potentially signaling the possibility of an economic recession looming later this year.
