Tag: payrolls

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Payrolls rise by 678,000 as unemployment rate falls to 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Payrolls rise by 678,000 as unemployment rate falls to 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economic system added again the most careers considering the fact that July 2021 in February, with occupation progress accelerating even in the previously-restricted labor current market as new Omicron circumstances from before this calendar year arrived down.

The Labor Division unveiled its February work report Friday at 8:30 a.m. ET. Here have been the main metrics from the print, in comparison to consensus estimates compiled by Bloomberg:

  • Non-farm payrolls: +678,000 vs. +423,000 predicted and an upwardly revised +481,000 in January

  • Unemployment level: 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected, 4.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January

  • Average hourly earnings, month-above-thirty day period: .{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} predicted and a downwardly revised .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January

  • Regular hourly earnings, yr-in excess of-calendar year: 5.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} envisioned and a downwardly revised 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January

February’s jobs report presented however one more upside shock to traders, and marked a fourteenth consecutive month of payroll advancement. Last thirty day period, January’s work report also confirmed lots of extra careers returned than envisioned, with payrolls rising by 400,000 compared to the 125,000 predicted at the time. In Friday’s report, January’s work gains have been also upwardly revised even further to show 481,000, in comparison to the 467,000 beforehand described. And December’s payrolls were upwardly revised all over again to 588,000, as opposed to the 510,000 posted in final month’s revision.

The facts for the earlier various months signaled that fundamental labor market place momentum remained solid even as a file surge in COVID-19 circumstances at the commencing of the year briefly cooled demand from customers for employees, primarily in the substantial-get in touch with expert services sector. The unemployment charge improved to 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to achieve the cheapest level considering that February 2020 just before the pandemic meaningfully dented the U.S. financial system. And this came even as the labor force participation charge unexpectedly ticked up to 62.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, signaling additional individuals had been returning to look for perform or be placed in positions.

“Momentum in the labor current market continues to be exceptional with payroll progress averaging 583k/thirty day period above the past six months, with tiny signals of slowing,” Lender of The us economist Stephen Juneau wrote in a notice Friday. “We be expecting labor need to continue on to outpace growth in labor offer which should really drive the u-charge [unemployment rate] to 3.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by yearend.”

February’s also noticed wide gains in employment throughout industries, particularly because Omicron situations retreated additional in the months due to the fact the final positions report. The tough-hit companies sector posted a noteworthy increase in work previous month. Leisure and hospitality companies included back again 179,000 jobs to establish on a bounce of 167,000 from January, and education and overall health companies work rose by 112,000. Transportation and warehousing job progress arrived in at nearly 50,000 to virtually match January’s gains.

And in just the items-making sector, strength was also noticed throughout production, development and non-sturdy products employment, with career progress accelerating in February as opposed to January. Only motor automobiles and sections manufacturing companies get rid of employment on web in the course of February, with these falling by 18,000.

In the meantime, regular hourly wage expansion unexpectedly decelerated in February. On an yearly foundation, wages rose 5.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking the slowest fee because December. And over last thirty day period, typical hourly earnings were being flat right after soaring by .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January.

But even with the slowdown, wages have risen at charges effectively above pre-pandemic trends for months now. This has, in turn, contributed to the overall rise in inflation witnessed throughout the U.S. economic climate, though wages have not held rate with the rise in consumer rate inflation. The Purchaser Selling price Index final rose 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January around past yr — the major leap in 40 many years.

Taken together, evidence of significantly stickier-than-predicted inflation and a constantly improving labor market place have helped make the scenario for the Federal Reserve to begin increasing interest rates and if not take away its pandemic-era assist mechanisms for the U.S. overall economy. Federal Reserve Chair Jerome Powell supplied an upbeat assessment of the U.S. economic backdrop through his semi-yearly tackle just before Congress before this week.

“The labor current market is extremely restricted … improvements in labor market conditions have been prevalent, together with for employees at the decreased end of the wage distribution as properly as for African Americans and Hispanics,” Powell reported during his testimony before the Dwelling Money Solutions Committee on Wednesday.

“Labor demand from customers is very solid, and even though labor force participation has ticked up, labor supply continues to be subdued,” Powell said. “As a end result, companies are obtaining problems filling work openings, an unparalleled variety of employees are quitting to acquire new positions, and wages are soaring at their quickest speed in many yrs.”

Most Federal Open up Industry Committee members would agree the recent labor situation is constant with maximum employment, Powell additional. And as a result, he reported with abnormal clarity that he would support a 25-basis level desire-price hike right after the Fed’s future conference concludes later on this month, bringing the benchmark amount a little bit over its latest around-zero level.

The Federal Open Sector Committee is subsequent established to convene March 15 and 16.

This submit is breaking. Examine back for updates.

—

Emily McCormick is a reporter for Yahoo Finance. Abide by her on Twitter: @emily_mcck

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Stocks rise after jobs report shows surprise jump in payrolls

Stocks rise after jobs report shows surprise jump in payrolls

Stocks shook off earlier losses to mostly rise Friday afternoon even as investors viewed a much stronger-than-expected jobs report as bolstering the case for the Federal Reserve to continue down its more hawkish monetary policy path.

The S&P 500 turned higher during intraday trading, closing up 0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 4,500.61, while the Dow lost steam to close at 35,089.28. The Nasdaq also rose by 1.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 14,098.01. A day earlier, the Nasdaq Composite index sank by 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for its worst single-day decline since September 2020. Oil prices also remained in focus as U.S. West Texas intermediate crude oil prices jumped further above $90 per barrel after crossing that threshold for the first time since 2014 on Thursday.

New labor market data was the major focal point for investors on Friday, showing employment growth held up much more robustly than expected despite the surge in Omicron cases at the beginning of the year. Payrolls grew by 467,000, or well above the 125,000 expected to return, and job gains for December were upwardly revised to more than half a million. The labor force participation rate also improved markedly, and average hourly earnings jumped by a greater-than-expected 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the most since May 2020.

The latest jobs report came as a surprise following a string of other softening data points on the state of the labor market, with ADP’s private payrolls report showing earlier this week the first contraction in private-sector employment in more than a year. But Friday’s report offered potential fodder for the hawks in the Federal Reserve to press ahead with their plans to raise interest rates and begin tightening in the near-term, as the economic recovery continues to progress.

“For markets, the jobs report is all about the Fed, and today’s upside surprises in both job creation and wage growth keep the Fed on track to begin raising rates in March and hike four or more times this year,” Barry Gilbert, asset allocation strategist at LPL Financial, wrote in an email Friday.

Meanwhile, a batch of upbeat quarterly results from Amazon (AMZN), Snap (SNAP) and Pinterest (PINS) helped dispel some of the gloom hanging over technology shares from during the regular trading day, after Meta Platforms (FB) offered an outlook that fell well short of Wall Street’s expectations.

Investors responded favorably to Amazon’s announced price hike on its premium Amazon Prime subscription and better-than-expected growth in its lucrative cloud computing business unit. And Snap and Pinterest each topped Wall Street estimates for quarterly sales and earnings, suggesting Meta Platforms may have been alone among the ad-driven internet companies in bearing the brunt of headwinds from competition and Apple iOS software changes.

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4:01 p.m. ET: Dow loses steam, Nasdaq gains

Here were the main moves in markets as of 4:01 p.m. ET:

  • S&P 500 (^GSPC): +23.17 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,500.61

  • Dow (^DJI): -22.01 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,089.15

  • Nasdaq (^IXIC): +219.19 (+1.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,098.01

  • Crude (CL=F): +$2.11 (+2.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.38 a barrel

  • Gold (GC=F): +$3.80 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,807.90 per ounce

  • 10-year Treasury (^TNX): +10.3 bps to yield 1.9300{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:02 p.m. ET: Bitcoin jumps by nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $40,000

Bitcoin prices (BTC-USD) jumped by nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Friday afternoon to cross the $40,000 level, with the largest cryptocurrency by market cap posting its biggest single-day rise in months as digital currency prices tracked gains across major tech stocks.

Prices of Ether, LiteCoin, and XRP also moved notably higher during intraday trading as well. Stocks related to cryptocurrencies also gained, including Coinbase (COIN) with a rise of 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and MicroStrategy (MSTR) with a jump of more than 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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10:12 a.m. ET: Snap shares surge more than 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after users, earnings top estimates, shaking off growth concerns

Snap shares (SNAP) soared by more than 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} intraday on Friday after the company topped expectations across virtually all major metrics in its latest quarterly results.

Revenue jumped 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to reach $1.3 billion, with daily active users growing by 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 319 million. Adjusted earnings per share of 22 cents were double the 11-cent consensus estimate. The bottom-line results also helped Snap post its first annual profit for the full-year 2021.

Despite the surge in the stock price, however, Snap shares remained lower by more than 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year-to-date through intraday trading on Friday.

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9:40 a.m. ET: Amazon shares jump by most since 2017 after earnings, Prime price increase

Amazon (AMZN) shares rose by 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just after market open, which would mark the biggest single-day rise in the stock since 2017 after the e-commerce giant posted stronger-than-expected earnings results and announced a price increase on its Prime membership subscription.

Fourth-quarter sales grew 9.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to a record $137.4 billion. Though online store net sales were down slightly on a year-over-year basis, high-margin Amazon Web Services cloud sales grew 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach $17.8 billion.

Amazon also said its Prime annual membership was going up in price by $20 to $139 each year, offering a future boost to top-line results. The company sees current-quarter net sales coming in between $112 billion and $117 billion, with operating income of as much as $6.0 billion.

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9:30 a.m. ET: Stocks open mixed

Here’s where stocks were trading Friday morning just after market open:

  • S&P 500 (^GSPC): +1.13 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,474.86

  • Dow (^DJI): -110.52 (-0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,000.64

  • Nasdaq (^IXIC): +56.57 (+0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,929.16

  • Crude (CL=F): +$1.74 (+1.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.01 a barrel

  • Gold (GC=F): -$3.70 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,800.40 per ounce

  • 10-year Treasury (^TNX): +7.4 bps to yield 1.901{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:55 a.m. ET: U.S. employment unexpectedly jumped in January despite Omicron surge

U.S. employers added back far more jobs than expected in January even as Omicron cases surged at the beginning of the new year.

Non-farm payrolls grew by 467,000, far exceeding the 125,000 consensus economists were looking for, according to Bloomberg data. The unemployment rate rose to 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, but this was just a tick above the pandemic-era low of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen in December.

Meanwhile, signs of continued inflation also emerged in the January report, as average hourly earnings jumped by a bigger-than-expected 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January. This came following a 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in December. On a month-over-month basis, average hourly wages rose 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or also well above the 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from December.

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7:32 a.m. ET: Friday: Stock futures mixed ahead of jobs report

Here’s where markets were trading Friday morning:

  • S&P 500 futures (ES=F): -5 points (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,464.00

  • Dow futures (YM=F): -145.00 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,826.00

  • Nasdaq futures (NQ=F): +56.75 points (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,549.00

  • Crude (CL=F): +$1.90 (+2.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.17 a barrel

  • Gold (GC=F): +$7.10 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,811.20 per ounce

  • 10-year Treasury (^TNX): -0.7 bps to yield 1.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:13 p.m. ET Thursday: Stock futures jump after Amazon earnings

Here were the main moves in markets during the overnight session:

  • S&P 500 futures (ES=F): +45.25 points (+1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,514.25

  • Dow futures (YM=F): +148 points (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,119.00

  • Nasdaq futures (NQ=F): +265.5 points (+1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,757.75

NEW YORK, NEW YORK - JANUARY 31: Traders work on the floor of the New York Stock Exchange (NYSE) on January 31, 2022 in New York City. After a volatile week, the Dow Jones Industrial Average was down slightly in morning trading. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – JANUARY 31: Traders work on the floor of the New York Stock Exchange (NYSE) on January 31, 2022 in New York City. After a volatile week, the Dow Jones Industrial Average was down slightly in morning trading. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Payrolls jump by 467,000 as unemployment rate rises to 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Payrolls jump by 467,000 as unemployment rate rises to 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

U.S. businesses included again much far more positions than envisioned in January even as Omicron circumstances surged at the beginning of the new 12 months.

The Labor Division produced its January work opportunities report Friday at 8:30 a.m. ET. Here were being the most important metrics from the print, as opposed to consensus estimates compiled by Bloomberg:

  • Non-farm payrolls: +467,000 vs. +125,000 envisioned and a revised +510,000 in December

  • Unemployment level: 4.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} anticipated, 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in December

  • Average hourly earnings, thirty day period-over-thirty day period: .7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} predicted and a revised .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in December

  • Normal hourly earnings, 12 months-more than-calendar year: 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 5.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} predicted, 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in December

The January work opportunities report marks the initial to replicate a fuller affect from the Omicron variant. The very contagious variant 1st found in the U.S. in late November had only just begun to distribute by the time of the December jobs report survey time period. Close to the time of the January study time period in the middle of the month, new each day COVID-19 instances in the U.S. experienced soared to a report.

Even now, task development held up a lot additional robustly than expected at the commence of the calendar year. Moreover, payrolls gains for December ended up sharply upwardly revised, more pointing to momentum in the labor industry heading into the new year. Non-farm payrolls grew by 510,000 in December, the Labor Office mentioned in its revision on Friday, or nicely previously mentioned the 199,000 previously documented last thirty day period.

And the renewed bounce in COVID-19 cases was predicted to weigh primarily seriously on the higher-get in touch with solutions sector, which has remained extremely susceptible to increasing bacterial infections ranges. Nevertheless career progress in leisure and hospitality industries remained beneficial for January, with payrolls rising by 151,000 compared to the 163,000 introduced back in December. Retail trade payrolls accelerated to see a increase of extra than 60,000 employment in January from the 40,100 in December.

Heading into Friday’s report, estimates for the headline January print on non-farm payrolls ran the gamut as top rated Wall Avenue economists tried to forecast the most up-to-date virus-relevant velocity bump to the labor market’s recovery. But the top consequence from the January careers report exceeded even the optimum estimate. At the higher close, various economists polled by Bloomberg anticipated 250,000 jobs to return in January. Even so, a selection of pundits also saw job progress turning detrimental for the initial time since December 2020, with at the very least 1 economist forecasting a drop of 400,000 payrolls for January.

But several also pointed out that the most recent positions report would serve as an imperfect indicator of the fundamental strength in the labor industry because of to Omicron-associated disruptions. The Labor Section counts persons paid in the course of the study time period, or the week including the 12th of the month, as utilized for the headline payrolls determine. People on unpaid go away owing to disease or if not, even so, are excluded from the headline payrolls rely.

“The 467,000 achieve in non-farm payrolls in January is even stronger than it appears, as it arrived regardless of the spike in absenteeism driven by the Omicron virus wave and was accompanied by sizeable upward revisions to the gains more than the previous couple of months,” Andrew Hunter, senior U.S. economist for Cash Economics, reported in a take note on Friday. “The headline acquire appears to make a mockery of our fears that Omicron would weigh closely on the payrolls figures, with leisure and hospitality work rising by a reliable 151,000. Irrespective of thousands and thousands of workers getting to self-isolate, there were being also sturdy gains in experienced and organization services, retail and transportation and warehousing.”

Other metrics in the most up-to-date careers report also held up as strongly or extra strongly than envisioned. However the unemployment level edged up to 4.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, it remained only slightly higher than the pandemic-period very low of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from December, which had been the cheapest because February 2020. And the labor power participation amount unexpectedly improved to 62.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the greatest degree because March 2020, in a indicator that a lot more persons have been returning to the workforce from the sidelines.

Typical hourly wages jumped far more than anticipated in January. On a yr-in excess of-calendar year basis, common hourly earnings rose by 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or a whole share stage faster than December’s attain. This marked the biggest bounce due to the fact May well 2020. On a month-in excess of-thirty day period foundation, typical hourly earnings rose .7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, coming in over the .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise predicted for the thirty day period.

Federal Reserve

For traders, the hottest employment report also serves as an additional datapoint suggesting no matter whether the economy has taken care of more than enough momentum to warrant significantly less assist from monetary policymakers.

With inflation jogging at the swiftest charge in 4 many years and the unemployment price hovering around pre-pandemic levels, the latest careers report is not likely to knock the Federal Reserve from its present, much more hawkish route.

“The labor marketplace has produced outstanding progress and by several measures is pretty sturdy,” Federal Reserve Chair Jerome Powell reported in the course of a press convention on Jan. 26. Although he acknowledged the current wave of the virus may weigh on labor power participation in the near-expression, he extra that, “Around time there are good causes to anticipate some even more advancements in participation and employment.”

Fed officers have so considerably signaled that they are probably to begin elevating curiosity charges at the near of their March coverage-location conference, with a amount of added price hikes to arrive around the balance of the year. They have also signaled they would ultimately start quantitative tightening, rolling off the nearly $9 trillion in assets currently on the central bank’s balance sheet.

“The scenario for near-phrase tightening has just been additional reinforced and, inevitably, there will be speculation all-around a prospective 50bps go in March,” Seema Shah, main strategist of Principal World Investors, wrote in a note. “Still, buyers really should genuinely uncover convenience in the report. The overall economy is however scorching and is strong sufficient to digest the plan tightening this calendar year.”

—

Emily McCormick is a reporter for Yahoo Finance. Comply with her on Twitter: @emily_mcck

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Payrolls rise by 199,000 as unemployment rate falls to 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Payrolls rise by 199,000 as unemployment rate falls to 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economic system unexpectedly noticed a slowdown in employing in December compared to November, although the unemployment level improved to a refreshing pandemic-era minimal.

The Labor Department unveiled its December work opportunities report Friday at 8:30 a.m. ET. In this article were being the most important metrics from the print, compared to consensus estimates compiled by Bloomberg:

  • Non-farm payrolls: +199,000 vs. +450,000 expected and a revised +249,000 in November

  • Unemployment fee: 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 4.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} predicted and 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November 

  • Ordinary hourly earnings, thirty day period-about-month: .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} anticipated and a revised .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November

  • Ordinary hourly earnings, yr-more than-yr: 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected and a revised 5.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November

The labor current market posted a twelfth consecutive months of task advancement in December, albeit with gains coming at a level slower than several predicted. Consensus economists predicted that December payrolls greater by about 400,000, or extra than double the tally from November, when a slowdown in provider-sector hiring had weighed on in general work growth. 

“It can be a strong report. Clearly it did not hit what the experts experienced mentioned … but when you glimpse at 2021 as a put together overall, as the president has been sworn into workplace, handed the American Rescue Approach, 6.4 million positions have been added, which is a file,” U.S. Secretary of Labor Marty Walsh instructed Yahoo Finance Dwell on Friday.

“You will find no issue that we nevertheless have persons out of work, we have people that have remaining the workforce. We’re doing the job on also inflation,” he included. “So we do have some do the job to go forward.” 

By field, some of the companies-similar sectors most difficult-hit in the beginning by the pandemic saw muted using the services of at the conclusion of December. Leisure and hospitality work rose by 53,000 in the previous month of the calendar year, rising compared to November’s achieve of 41,000, but coming in very well under the 211,000 noticed in October. 

Other industries saw a deceleration in choosing in December. Transportation and warehousing employment rose by just under 19,000 in the course of the thirty day period soon after a rise of extra than 42,000 in November, although experienced and enterprise expert services positions rose by 43,000 soon after a acquire of 72,000 during the prior month. Education and health and fitness solutions employment gains totaled 10,000, slowing from 14,000 in the prior period of time. In the meantime, retail trade businesses drop work for a again-to-back month. 

In the goods-developing sector, the two development and producing employment development also slowed when compared to December. Production positions gains alone arrived in at 26,000, missing consensus estimates for a rise of 35,000. 

Even supplied the latest surge in virus circumstances, many economists suggested a lot more pronounced Omicron-associated impacts to the month to month labor marketplace knowledge are unlikely to surface right until at least the January report. The Labor Section collects information for the every month work opportunities experiences in the course of the 7 days together with the 12th of the month, which might have been as well early to seize disturbances from the Omicron variant uncovered in the U.S. in late November.

But irrespective of the disappointment on headline payrolls, other metrics in just the report had been as powerful or more powerful than economists have been anticipating. The unemployment rate improved far more than envisioned to 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the finest level considering the fact that February 2020’s 50-12 months reduced of 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just before the pandemic. And the labor power participation charge was upwardly revised by a tick to 61.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for November and held at this level in December. The size of the civilian labor pressure remained decreased by much more than 2 million as opposed to pre-pandemic stages, having said that. 

“While the 199,000 get in non-farm payrolls once once more upset the consensus, a significantly much larger acquire in the family evaluate of work and a tepid increase in participation pushed the unemployment charge again underneath 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a},” Michael Pearce, senior U.S. economist for Capital Economics, wrote in a note on Friday. “With each other with a further exceptionally sturdy every month improve in wages, that raises the odds the [Federal Reserve] provides ahead plans to increase curiosity rates and run down its stability sheet this 12 months.”

And indeed, heading into the December employment report, other financial information have been upbeat in registering the labor market’s momentum. For the duration of the survey 7 days for the month to month work opportunities report, weekly jobless promises came in just over 200,000 — or at a stage under the 2019 weekly regular from before the pandemic. And ADP claimed on Wednesday that non-public-sector employers additional back again 807,000 employment in December, coming in at approximately double the consensus expectation and marking the largest increase due to the fact Could. 

But even as work return, churn has amplified in the labor industry beneath the surface area, introducing strain to businesses searching to bring on and keep workers. A file 4.5 million Individuals stop their work in November. 

And as competitiveness for personnel greater, so too have wages. Average hourly wages accelerated more than anticipated to a .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-more than-thirty day period clip in December. And on a 12 months-around-yr basis, typical hourly wages were being up 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in December, or properly above the 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} raise predicted. These continue to-elevated wage will increase have also extra gasoline to worries about inflation all through the restoration. 

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Emily McCormick is a reporter for Yahoo Finance. Stick to her on Twitter: @emily_mcck

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Payrolls grew by 210,000, unemployment rate falls to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Payrolls grew by 210,000, unemployment rate falls to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economy added back fewer jobs than expected in November, while the unemployment rate fell further than anticipated to the lowest since February 2020. 

The Labor Department released its November jobs report Friday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

  • Non-farm payrolls: +210,000 vs. +550,000 expected and a revised +546,000 in October

  • Unemployment rate: 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected, 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October 

  • Average hourly earnings, month-over-month: 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected, 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October

  • Average hourly earnings, year-over-year: 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected and a revised 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October

U.S. employers have added back jobs on net in every month so far in 2021 as vaccinations, reopenings and a recovery in the high-contact services industries helped boost hiring. 

Service sector employment growth did decelerate notably in November compared to October, however. Leisure and hospitality industries, which had seen some of the biggest job gains in recent months, added just 23,000 payrolls after October’s increase of 170,000. Retail trade employers shed payrolls on net, with these dropping by more than 20,000 after job gains of nearly 40,000 in each of October and September. In the goods producing sector, motor vehicle and parts employers also shed jobs, erasing more than 10,000 positions after adding 19,300 in October.

“The headline miss was largely due to a muted 23,000 rise in leisure and hospitality payrolls, indicating that the nascent winter wave of virus infections was now weighing on the sector. With new cases now on the rise again even before the potential impact of the Omicron variant, leisure sector employment growth looks set to remain weak over the winter,” Andrew Hunter, senior U.S. economist for Capital Economics, wrote in a note on Friday. 

“Moreover, we remain skeptical that a further significant recovery in the labor force lies ahead – particularly given the worsening virus situation and the potential Federal vaccine mandate,” he added. 

Though the payroll gain in the November jobs report disappointed sharply compared to expectations, job growth for October and September were each upwardly revised. Payrolls grew by 546,000 in October, versus the 531,000 previously reported, while jobs grew by 379,000 in September compared to the 312,000 posted in the first estimate. 

But despite the solid rehiring throughout the year, labor force participation remains short of pre-pandemic levels. As of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020. The labor force participation rate ticked up slightly more than anticipated in November, however, to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market. 

Economists have attributed the stubbornly depressed participation rate to a host of factors, including lingering concerns about COVID-19 infections, difficulties finding child care and a desire by many workers to leave their jobs and pursue roles with more flexibility, wages or benefits. With the latest emergence of the Omicron variant, these myriad factors may further inhibit a rebound in labor force participation. 

“Labor supply shortages do not show material signs of improvement, and could actually worsen in coming months with the federal vaccine mandate taking effect on January 4, 2022. As such, labor market conditions should remain tight, perpetuating strong wage growth,” Sam Bullard, managing director and senior economist for Wells Fargo, wrote in an email ahead of Friday’s report. “On balance, robust labor demand and further COVID improvements should support strong labor market gains last month, though we are mindful of the challenges the are likely to persist in the labor market for the foreseeable future.”

As worker demand remains elevated, wages have also risen and contributed to the inflation seen across the economy this year. Average hourly earnings rose for an eighth straight month, increasing by 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared to October. Average hourly wages rose by 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November over last year, matching October’s annual rate but coming in slightly cooler than the 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase expected. 

Inflationary trends have also been reflected in other recent economic data. The government’s latest report on October core personal consumption expenditures, or the Federal Reserve’s preferred inflation gauge, showed an increase of 4.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year – the most in three decades. 

And key members of the Fed have signaled they are inclined to shift their focus to staving off inflation, even as the labor force participation and unemployment rates have yet to return to their pre-pandemic levels. Fed Chair Jerome Powell said earlier this week that the central bank’s asset-purchase tapering program could end “a few months early,” voicing confidence that the economic recovery had progressed enough to warrant a quicker end to the bank’s crisis-era support. 

“Don’t be fooled by the measly 210K payroll jobs gain this month because the economy’s engines are actually in overdrive as shown by the plunge in joblessness from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November.” said Chris Rupkey, chief economist for FWDBONDS, in an email. “Unemployment is tumbling as companies snap up workers to meet the economy’s very strong demand. The U.S. economy is back on a tear with full employment right around the corner. Fed rate hikes are coming.”

And heading into Friday’s report, other labor market data have also underscored the present tightness of the labor market. ADP’s jobs report on Wednesday, while an imperfect indicator of the monthly government data, nevertheless showed an encouragingly stronger-than-expected rise in private-sector employment growth last month. And weekly jobless claims from the Labor Department slid to the lowest level in 52 years in mid-November during the survey week for the monthly jobs report. 

This post is breaking. Check back for updates.

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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Stocks end lower after September payrolls miss, but S&P 500 still logs weekly gain

Stocks end lower after September payrolls miss, but S&P 500 still logs weekly gain

Stocks closed in the red on Friday as investors digested a key report on the labor market’s recovery, which showed a much weaker-than-expected pace of hiring last month. 

The S&P 500 fluctuated between gains and losses throughout the day, trading choppily after three consecutive sessions of advances. The blue-chip index still eked out a weekly gain, however. 

The moves to the upside earlier this week came after Senate leaders said they reached an agreement on raising the government borrowing limit into early December, helping avert a default as soon as this month. The chamber voted Thursday evening to raise the debt limit by $480 billion, and the legislation for the short-term increase now heads to the House of Representatives. 

With concerns over the government debt ceiling pushed off, investors have fixed their attention toward the latest monthly jobs report from the Labor Department. This report showed another miss on payroll gains after a disappointing August print. 

Non-farm payrolls rose by only 194,000 in September versus the 500,000 expected. The unemployment rate fell more than expected to 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, though this positive development came alongside a disappointing drop in the labor force participation rate to 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in August. And the size of the civilian labor force actually contracted in September, with the gap between the size of the labor force in February 2020 and last month yawning further to top 3 million. 

Average hourly earnings also accelerated to reach a 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate, or the fastest since February, in another print affirming inflationary pressures taking place across the U.S. economy.

“People are more fixated on the jobs created more than anything else. I think the wages are more important for people who are worried about inflation,” Julie Biel, portfolio manager at Kayne Anderson Rudnick, told Yahoo Finance Live on Thursday. “For us, seeing modest wage inflation is a positive because if you think about the U.S. economy, it’s primarily a consumer economy … so it is a positive for the economy longer-term. But it is a negative for profit margins which have been at all-time highs.”

Friday’s jobs report stood in stark contrast to other, stronger-than-expected data on the state of the labor market in the U.S. New weekly jobless claims came in at their second-lowest since March 2020 on Thursday, and ADP’s private payrolls report showed a better-than-expected 568,000 job gains in September earlier this week.

Despite the payrolls miss, the September jobs report may have still been enough to trigger the start of tapering by the Federal Reserve, some economists said. Others, however, said the significant headline payrolls miss may give the central bank pause.

“I think people were counting on [a tapering announcement] being November, and I think now that there’s a percentage chance that it won’t be in November now as a result of this data,” Constance Hunter, KPMG chief economist, told Yahoo Finance Live Friday morning. 

The central bank already signaled last month that it was inclined to remove some of its highly accommodative monetary policies as the recovery made further headway. And Fed Chair Jerome Powell said it would only take a “reasonably good report” for September employment to signal the labor market had reached the Fed’s threshold for tapering.

“There is no other plausible explanation why employers are unable to hire the workers they need: the reason is there is no one out there to hire and the economy is closer to full employment than Washington officials think,” Chris Rupkey, chief economist at FWD Bonds, said in an email Friday morning. “The economy is hot and needs to be cooled down. Don’t be fooled by today’s payroll jobs forecast miss, Fed tapering remains on track for announcement at the upcoming November meeting.” 

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4:02 p.m. ET: Stocks end mixed as investors mull September jobs report. 

Here’s where markets ended Friday’s session:

  • S&P 500 (^GSPC): -8.34 points (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,391.42

  • Dow (^DJI): -8.23 points (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.71 

  • Nasdaq (^IXIC): -74.48 points (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,579.54

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12:41 p.m. ET: OECD reaches global agreement on corporate tax rate

The Organisation for Economic Cooperation and Development said Friday that it reached a deal among 136 countries to ensure major companies pay a minimum corporate tax rate of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

“The landmark deal, agreed by 136 countries and jurisdictions representing more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits,” the OECD said in a statement on Friday. 

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10:15 a.m. ET: U.S. crude oil reaches $80 per barrel for the first time in seven years

U.S. West Texas intermediate crude oil futures rose to reach $80 per barrel for the first time since November 2014, extending a one-month and year-to-date rally in energy and commodity prices.

Domestic crude oil prices have risen in six of the last seven sessions, and posted a strong bounce over the past several weeks. West Texas intermediate futures are up nearly 65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year-to-date and more than 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the past month alone, stoking concerns over rising inflation across various pockets of the economy. 

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10:10 a.m. ET: What economists are saying about the September jobs report

Many economists described the September jobs report as “mixed,” with the notable miss on the headlines payrolls figure pulling attention away from less negative aspects of the report like drop in jobless rate and pick-up in service-sector hiring. 

Here’s what a number of economists had to say about the report, based on emails and notes sent to Yahoo Finance:

  • “Looking behind curtains the details point to tighter labor conditions than the headline data suggests. With wages increasing to 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on an annualized basis and the unemployment rate dropping to 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} it appears that labor conditions are fairly tight given the current amount of job openings in the economy.” – Charlie Ripley, senior investment strategist for Allianz Investment Management

  • “This is a very mixed bag … The details show a modest 74K uptick in leisure and hospitality employment after August’s sharp slowdown to just 38K; the sector averaged 403K in June and July, so this hit accounts for most of the softening in overall private job growth. October will be much better, given the continued decline in Delta cases and rising activity in the restaurant, airline, and hotel sectors.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics

  • “The Fed began their extraordinary stimulus measures over a year and a half ago and they are anxious to begin removing that stimulus, which is why it would have taken an extremely bad jobs report in order to derail that. This report was disappointing, without a doubt, but we don’t believe it is bad enough to stop them.” – Chris Zaccarelli, chief investment officer for Independent Advisor Alliance

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9:30 a.m. ET: Stocks mixed after jobs report miss

The three major indexes struggled for direction Friday morning as investors digested the September jobs report, which showed another disappointing print on payroll gains. 

The S&P 500, Dow and Nasdaq were each little changed after the report. Treasury yields rose across the curve, with the 10-year yield adding 2 basis points to near 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The small-cap Russell 2000 outperformed, adding more than 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

Commodity prices extended gains, with U.S. crude oil futures gaining another 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to close in on $80 per barrel. Gold and silver prices each jumped. 

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7:12 a.m. ET Friday: Stock futures drift higher ahead of jobs report 

Here’s where markets were trading ahead of the opening bell:

  • S&P 500 futures (ES=F): +2.75 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,392.75

  • Dow futures (YM=F): +23 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,661.00

  • Nasdaq futures (NQ=F): +4.25 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,885.50

  • Crude (CL=F): +$0.56 (+0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.85 a barrel

  • Gold (GC=F): +$2.00 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,761.20 per ounce

  • 10-year Treasury (^TNX): +1.5 bps to yield 1.586{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:07 p.m. ET Thursday: Stock futures extend earlier gains

Here’s where markets were trading Thursday evening:

  • S&P 500 futures (ES=F): +3.25 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,393.25

  • Dow futures (YM=F): +23 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,661.00

  • Nasdaq futures (NQ=F): +17.50 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,898.75

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter