(News Bulletin 247) – Wall Street lost ground on Friday after the announcement of a drop in the unemployment rate, a new sign of the strength of the American labor market. The Dow Jones fell more than 0.5% to 33,735 points and the Nasdaq Composite fell about 0.1% to 13,661 points.
The Department of Labor recorded only 209,000 non-farm payrolls in the United States in June, against 306,000 the previous month, but also reported the continuation of the rise in wages and a slowdown in the rate of unemployment. unemployment at 3.6%, against 3.7% in May.
After having initially welcomed these figures, Wall Street took the hit, given the implications of certain elements of this publication in terms of monetary policy to be expected in the months to come.
‘Even if the labor market cools, it is probably still too strong from the Fed’s point of view’, reacted Commerzbank, who therefore saw the American central bank ‘likely to raise its rates again this month’.
As for values, Levi Strauss & Co fell 7.9% the day after the jeans manufacturer lowered its annual forecasts, during a quarterly publication marked by sluggish sales.
Biogen dropped 3.5% despite US FDA approval of Leqembi, the drug the biopharmaceutical company is developing with Japan’s Eisai for the treatment of Alzheimer’s disease.
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