US markets closed higher on stellar jobs report

06 Aug 2016 Evaluate

The US markets closed higher on Friday, after a stellar jobs report outstripped Wall Street expectations, showing sustained improvement in a labor market that has been spotty over the past few months. The US generated 255,000 new jobs in July, furnishing fresh proof that companies are still hiring plenty of workers even though the economy is operating at a lower pace. The second-straight large gain in hiring largely puts to rest any doubts about the health of the economy after unusually weak employment gains in May that at first raised alarms about the seven-year-old US recovery. The much stronger than expected increase in new jobs also boosts the odds that the Federal Reserve might raise interest rates as early as September. The central bank held off after job creation appeared to slow in May. The unemployment rate, meanwhile, was unchanged 4.9%. More than 400,000 people joined the labor force in search of work in July, a sign they think more jobs are available. Job openings remain near a record high. The resilience of the labor market was reflected in wages and how many hours people work each week. Hourly pay rose 0.3% to $25.69, keeping the 12-month increase in wages at a post-recession high of 2.6%. Following the employment report, expectations that the Federal Reserve would raise rates in September, measured by federal-funds futures, doubled to 18% from 9% on Wednesday, according to the CME FedWatch tool.

Separately, the US trade deficit jumped 8.7% in June to a 10-month high of $44.5 billion, reflecting the higher cost of oil and more imports of consumer goods such as cell-phones and drugs. Although a higher deficit subtracts from gross domestic product, the official scorecard of the nation’s growth, more demand for consumer goods suggests Americans are still spending at a pace consistent with a fairly healthy, albeit slowly, expanding economy. US imports increased 1.9% in June to a seasonally adjusted $227.7 billion. US exports edged up 0.3% to $183.2 billion. The US exported less oil and fewer new autos in June. The trade deficit has been little changed for the past year. The average deficit in the three months from April to June was $40.1 billion, slightly lower than the same month one year ago.

The Dow Jones Industrial Average jumped 191.48 points or 1.04 percent to 18,543.53, Nasdaq gained 54.87 points or 1.06 percent to 5,221.12, while S&P 500 was up by 18.62 points or 0.86 percent to 2,182.87.

The Indian ADRs closed in green; Tata Motors was up 0.87%, Dr. Reddy’s Lab was up 0.52%, HDFC Bank was up 0.41%, Infosys was up 0.16% and ICICI Bank was up 0.05%.

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