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  3. US markets made mostly a lower closing on mixed jobs data

US markets made mostly a lower closing on mixed jobs data

07 Oct 2017 Evaluate

The US markets made a mixed closing on Friday, and the Dow and S&P 500 ended streak of records following the release of a report from the Labor Department showing an unexpected decrease in employment in the US in the month of September. Though, despite the mixed performance on the day, the major averages all posted strong gains for the week. The report from the Labor Department said that non-farm payroll employment fell by 33,000 jobs in September after climbing by an upwardly revised 169,000 jobs in August. Economists had expected employment to rise by 90,000 jobs. The Labor Department also said a sharp decline in employment in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Harvey and Irma. However, the report showed the unemployment rate dipped to 4.2 percent in September from 4.4 percent in August. With the unexpected decrease, the unemployment rate fell to its lowest level since hitting a matching rate in February of 2001.

In other economic development, a report from Federal Reserve said that consumer credit in the U.S. rose by less than expected in the month of August. The report said consumer credit increased by $13.1 billion in August after climbing by a revised $17.7 billion in July. The Fed said non-revolving credit such as student loans and car loans climbed by $7.3 billion in August following a $15.6 billion increase in July. Revolving credit, which largely reflects credit card debt, rose by $5.7 billion in August after edging up by $2.1 billion in the previous month.

Meanwhile, New York Fed President William Dudley said he was open to raising rates in December. Dallas Fed President Rob Kaplan, also said he was “open minded” about an interest-rate increase in December, but he was 'not there yet.'

The Dow Jones Industrial Average declined by 1.72 points or 0.01 percent to 22,773.67 and the S&P 500 edged lower by 2.74 points or 0.11 percent to 2,549.33, while the Nasdaq gained 4.82 points or 0.07 percent to 6,590.18.

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