{"id":4726,"date":"2023-05-05T16:26:27","date_gmt":"2023-05-05T20:26:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/the-jobs-report-was-too-hot-why-the-stock-market-is-celebrating\/"},"modified":"2023-05-05T16:26:28","modified_gmt":"2023-05-05T20:26:28","slug":"the-jobs-report-was-too-hot-why-the-stock-market-is-celebrating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4726","title":{"rendered":"The Jobs Report Was Too Hot. Why the Stock Market Is Celebrating."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000638102\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The stock market was soaring after a stronger-than-expected jobs report was released Friday morning. Wait, what?!?!<\/p>\n<p>That\u2019s not the way it was supposed to happen. The U.S. economy added 253,000 jobs in April, well above expectations for 185,000, while the unemployment rate fell to 3.4% when it was supposed to rise to 3.6%. What\u2019s more, average hourly earnings rose 0.5%, well above expectations for a 0.3% increase. On the surface, everything was hot, hot, hot. <\/p>\n<div class=\"paywall\">\n<p>\u201cOverall, due to a lower unemployment rate and rising wages, the payroll report was indicative of a stronger economy,\u201d writes Navellier &amp; Associates\u2019 Louis Navellier.<\/p>\n<p>Normally, the stock market would be expected to tank on that news. The Fed, after all, has said it wants the job market to weaken as it battles inflation. That\u2019s not what has happened. The<br \/>\n        S&amp;P 500<br \/>\n      \u00a0has risen 1.7%, the<br \/>\n        Dow Jones Industrial Average<br \/>\n       has gained 1.4%, and the<br \/>\n        Nasdaq Composite<br \/>\n       has advanced 2.1%. What gives?<\/p>\n<p>First, the jobs report wasn\u2019t as strong as it appeared to be on the surface.  February and March were revised lower by 149,000. Those revisions brought the three-month average down to 222,000 added per month,  down from 295,000 at the end of March and nearly 320,000 at the end of February. That\u2019s a downward trend, even if it\u2019s moving more slowly than the Fed might like. Subtract the revisions from April\u2019s number, and the total, at 104,000 is well below expectations. <\/p>\n<p>\u201cBottom line, including the downward revisions we finally have a jobs miss relative to expectations after so many months of upside surprises,\u201d writes The Boock Report\u2019s Peter Boockvar. <\/p>\n<p>Then there\u2019s the fact that market action, with its tumbling banks, oil stocks, and anything else with a bit of cyclicality, had been suggesting recession worries\u2013and this number suggests that there\u2019s no recession, at least not yet. The<br \/>\n        SPDR S&amp;P Bank ETF<br \/>\n       (KBE) is up 3.9% in premarket trading Friday, while the<br \/>\n        Energy Selec<br \/>\n      t SPDR ETF (XLE) has climbed 2.2%, higher than they were before the payrolls release. <\/p>\n<p>For now, that all seems to be enough, especially given that the S&amp;P 500 had dropped  2.6% for the week through Thursday\u2019s close.  <\/p>\n<p>It\u2019s almost enough to make one feel optimistic. Almost. <\/p>\n<p>Write to Ben Levisohn at ben.levisohn@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/stock-market-jobs-report-81f90e43?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock market was soaring after a stronger-than-expected jobs report was released Friday morning. Wait, what?!?! That\u2019s not the way it was supposed to happen. The U.S. economy added 253,000 jobs in April, well above expectations for 185,000, while the unemployment rate fell to 3.4% when it was supposed to rise to 3.6%. What\u2019s more, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-4726","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Jobs Report Was Too Hot. Why the Stock Market Is Celebrating. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The stock market was soaring after a stronger-than-expected jobs report was released Friday morning. Wait, what?!?! 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