Stocks Trim Gains Following Payroll Revisions and Employment Data
Wednesday, 21 August 2024, 08:08
Stocks Trim Gains After Payroll Revisions
U.S. stocks are currently trimming their gains following payroll revisions that have raised concerns about the labor market.
Insights from Revised Employment Data
After a modest uptick in the market, the government’s revised estimate of employment growth indicated that the economy added approximately 2.1 million jobs from April 2023 to March 2024.
Market Reaction
- The data suggests that around 818,000 fewer jobs were added than previous estimates.
- This indicates a cooler labor market than anticipated, compelling analysts to reconsider economic forecasts.
As of 11 a.m. Eastern time, the Dow was down 0.2%, the S&P 500 was fluctuating between gains and losses, while the Nasdaq rose only a modest 0.2%, as per FactSet data.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.