Stocks dip after strong jobs data offers good, bad news for investors
CBSN
Stocks swung lower Friday following a blockbuster report on hiring in July offered both good and bad news for Wall Street.
The S&P 500 was 0.1% lower after recovering from an earlier loss of 1.1%. U.S. employers added hundreds of thousands more jobs than expected last month, suggesting the economy may not be in a recession, as feared. But the blistering data also undercuts investors' hope that high inflation may be close to peaking, meaning the Federal Reserve may not let up on its aggressive rate hikes to combat it.
"After a few weeks of strong performance, 'safe' and 'risky' assets have both generally sold off today after the strong U.S. payrolls data," James Reilly, assistant economist with Capital Economics, said in a report. "We expect this to continue over the rest of 2022."
