Friday, June 2, 2023, 12:12 PM EST
Here are the posts for May
The US jobs report for May blew past expectations, buoyed by strong job gains in the professional and business services sector – as well as a jump in government hiring.
Professional and business services led job creation for the month with 64,000 new employees, following a similar increase in volume in April. The government added 56,000 jobs last month, higher than the average monthly gain of 42,000 over the previous 12 months.
Job gains were widespread last month with healthcare contributing 52,000 and leisure and hospitality services adding 48,000.
Friday, June 2, 2023 1:17 PM EST
Indices are trading near session highs as the rally maintains strength in the afternoon
Major indices traded near session highs with just under 3 hours left in the trading day as investors maintained Friday’s advance.
The Dow Jones rose 640 points, near its high of 666 points.
Similarly, the S&P 500 and Nasdaq were both less than a tenth of a percentage point from their session highs. The S&P 500 was last up 1.42%, close to its session high of 1.5%. The Nasdaq Composite added 1.06%, retreating slightly from the session’s highest gain of 1.16%.
see chart…
The three indexes
Friday, June 2, 2023, 2:42 PM EST
Fitch says it will not remove the US credit watch despite the deal
The US is not out of a financial bind with Fitch, with the ratings firm saying government debt remains on the cusp of a potential cut despite the debt ceiling deal.
“Achieving an agreement despite heated political partisanship while modestly reducing the fiscal deficit over the next two years is positive considerations,” Fitch said in a statement. “However, Fitch believes that frequent political standoffs over debt limits and last-minute suspensions ahead of schedule (when the Treasury’s cash position and extraordinary measures are exhausted) reduce confidence in governance on financial and debt matters.”
The company cited “continued deterioration in governance over the past 15 years” as reasons for its pessimistic outlook and said it would “resolve” the case for credit control in the third quarter of 2023.
On Thursday, Moody’s said it was not considering downgrading the United States.
– Jeff Cox
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