{"id":431,"date":"2023-02-04T18:02:53","date_gmt":"2023-02-04T23:02:53","guid":{"rendered":"https:\/\/embarrdowns.com\/u-s-economy-adds-517000-jobs-in-january-unemployment-rate-falls-to-3-4\/"},"modified":"2023-02-04T18:02:53","modified_gmt":"2023-02-04T23:02:53","slug":"u-s-economy-adds-517000-jobs-in-january-unemployment-rate-falls-to-3-4","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/u-s-economy-adds-517000-jobs-in-january-unemployment-rate-falls-to-3-4\/","title":{"rendered":"U.S. Economy Adds 517,000 Jobs in January, Unemployment Rate Falls to 3.4%"},"content":{"rendered":"

In January, the United States economy saw a considerable surge in job growth, with 517,000 jobs added – far surpassing the predicted 187,000 increase – and a drop in unemployment to 3.4%, the lowest since 1969.[0]<\/a><\/sup> Hourly earnings increased by an average of 0.3%, as anticipated.[1]<\/a><\/sup> The Dow Jones Industrial Average experienced a 0.1% decrease on Thursday, whereas the S&P 500 saw a 1.5% rise. The Nasdaq composite rose significantly by 3.3%, while the small-cap Russell 2000 increased by 2.1%.[2]<\/a><\/sup> At the start of trading on Friday, the Dow Jones Industrial Average declined by 0.4%, while the S&P 500 decreased by 0.8%. The Nasdaq composite, which is technology-centric, dropped 0.9%, with Alphabet, Amazon and Apple contributing to the decrease.<\/p>\n

The jobs report out on Friday showed a blowout number of 517,000 gain in employment, while the unemployment rate fell to its lowest level since 1969.[1]<\/a><\/sup> Hourly earnings increased by an average of 0.3%, as anticipated.[1]<\/a><\/sup> The S&P 500 fell by 1.04%, resulting[3]<\/a><\/sup> The Nasdaq Composite decreased by approximately 1.59%, ending at 12,006. In contrast, the Dow Jones Industrial Average dropped 127.93 points, or 0.38%, to 33,926.01.[4]<\/a><\/sup><\/p>\n

Nordstrom (NYSE:JWN) experienced a significant increase of 23% in share value as Ryan Cohen, an activist investor, is said to have acquired an interest and is reportedly aiming to make alterations to the board.[5]<\/a><\/sup> Amazon (AMZN), Alphabet (GOOGL) and other stocks that receive a bulk of their revenue from digital advertising also rallied on the news, with Pinterest (PINS) closing up more than 8%, and Alphabet (GOOGL) and Amazon.com (AMZN) closing up more than 7%.[6]<\/a><\/sup><\/p>\n

META Platforms (META) announced an EPS decrease of 52%, in accordance with expectations, while revenue decreased by 4%, slightly surpassing estimates.[7]<\/a><\/sup> Stock prices rose sharply as the company that owns Facebook declared its intention to make 2023 a “year of efficiency” after spending heavily on the metaverse in 2022.[8]<\/a><\/sup> Q1 revenue was closely monitored by Meta and capital spending as well as other projected costs for the year were significantly reduced.[7]<\/a><\/sup> The company also declared a $40 billion repurchase.[8]<\/a><\/sup> <\/p>\n

On Thursday, Alphabet’s shares declined 2.6% as its December-quarter earnings and revenue were lower than what analysts had anticipated.[2]<\/a><\/sup> Declining expansion in web search advertising, YouTube promotions, and cloud computing services had a negative effect on results.[2]<\/a><\/sup><\/p>\n

0. <\/span>“Stock market news live updates: Stocks slide after jobs report shocks, Big Tech results disappoint” Yahoo News, 3 Feb. 2023, https:\/\/news.yahoo.com\/stock-market-news-live-updates-february-3-2023-122332716.html<\/a><\/a><\/p>\n

1. <\/span>“U.S. stocks fall after blowout jobs report, disappointing earnings, but Nasdaq books longest weekly win streak since November 2021” MarketWatch, 3 Feb. 2023, https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-tumble-ahead-of-jobs-data-with-tech-under-pressure-as-apple-amazon-and-alphabet-fall-after-results-11675422809<\/a><\/a><\/p>\n

2. <\/span>“Dow Jones Slides 175 Points On Stunning Jobs Report; Apple Stock Reverses Higher On Earnings” Investor’s Business Daily, 3 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-fall-ahead-of-january-jobs-report-alphabet-amazon-apple-drop-on-earnings\/<\/a><\/a><\/p>\n

3. <\/span>“S&P 500, Dow, Nasdaq slump as job gains raise Fed worries (SP500)” Seeking Alpha, 3 Feb. 2023, https:\/\/seekingalpha.com\/news\/3932039-sp-500-dow-nasdaq-slump-as-job-gains-raise-fed-worries<\/a><\/a><\/p>\n

4. <\/span>“Stocks fall on Friday, but S&P 500 notches winning week as strong 2023 continues” CNBC, 3 Feb. 2023, https:\/\/www.cnbc.com\/2023\/02\/02\/stock-futures-fall-after-earnings-reports-from-apple-alphabet-disappoint-investors.html<\/a><\/a><\/p>\n

5. <\/span>“S&P 500 slides as blowout jobs report dents Fed pause hopes By Investing.com” Investing.com, 3 Feb. 2023, https:\/\/www.investing.com\/news\/stock-market-news\/sp-500-slides-as-blowout-jobs-report-dents-fed-pause-hopes-2995288<\/a><\/a><\/p>\n

6. <\/span>“Tech Stocks Surge on Interest Rate Optimism and Strength in Meta Platforms” Barchart, 2 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/13855473\/tech-stocks-surge-on-interest-rate-optimism-and-strength-in-meta-platforms<\/a><\/a><\/p>\n

7. <\/span>“Stock Market Today: Nasdaq Skyrockets After Meta Earnings, Buyback News” Kiplinger’s Personal Finance, 2 Feb. 2023, https:\/\/www.kiplinger.com\/investing\/stocks\/stock-market-today-020223-nasdaq-skyrockets-after-meta-earnings-buyback-news<\/a><\/a><\/p>\n

8. <\/span>“Market Rally Powers Higher On Tame Fed, Meta: Weekly Review” Investor’s Business Daily, 3 Feb. 2023, https:\/\/www.investors.com\/news\/market-rally-powers-higher-on-tame-fed-meta-earnings-apple-google-amazon\/<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In January, the United States economy saw a considerable surge in job growth, with 517,000 jobs added – far surpassing the predicted 187,000 increase – and a drop in unemployment to 3.4%, the lowest since 1969.[0]<\/a><\/sup> Hourly earnings increased by an average of 0.3%, as anticipated.[1]<\/a><\/sup> The Dow Jones Industrial Average experienced a 0.1% decrease on Thursday, whereas the S&P 500 saw a 1.5% rise. The Nasdaq composite rose significantly by 3.3%, while the small-cap Russell 2000 increased by 2.1%.[2]<\/a><\/sup> At the start of trading on Friday, the Dow Jones Industrial Average declined by 0.4%, while the S&P 500 decreased by 0.8%. The Nasdaq composite, which is technology-centric, dropped 0.9%, with Alphabet, Amazon and Apple contributing to the decrease.<\/p>\n

The jobs report out on Friday showed a blowout number of 517,000 gain in employment, while the unemployment rate fell to its lowest level since 1969.[1]<\/a><\/sup> Hourly earnings increased by an average of 0.3%, as anticipated.[1]<\/a><\/sup> The S&P 500 fell by 1.04%, resulting[3]<\/a><\/sup> The Nasdaq Composite decreased by approximately 1.59%, ending at 12,006. In contrast, the Dow Jones Industrial Average dropped 127.93 points, or 0.38%, to 33,926.01.[4]<\/a><\/sup><\/p>\n

Nordstrom (NYSE:JWN) experienced a significant increase of 23% in share value as Ryan Cohen, an activist investor, is said to have acquired an interest and is reportedly aiming to make alterations to the board.[5]<\/a><\/sup> Amazon (AMZN), Alphabet (GOOGL) and other stocks that receive a bulk of their revenue from digital advertising also rallied on the news, with Pinterest (PINS) closing up more than 8%, and Alphabet (GOOGL) and Amazon.com (AMZN) closing up more than 7%.[6]<\/a><\/sup><\/p>\n

META Platforms (META) announced an EPS decrease of 52%, in accordance with expectations, while revenue decreased by 4%, slightly surpassing estimates.[7]<\/a><\/sup> Stock prices rose sharply as the company that owns Facebook declared its intention to make 2023 a “year of efficiency” after spending heavily on the metaverse in 2022.[8]<\/a><\/sup> Q1 revenue was closely monitored by Meta and capital spending as well as other projected costs for the year were significantly reduced.[7]<\/a><\/sup> The company also declared a $40 billion repurchase.[8]<\/a><\/sup> <\/p>\n

On Thursday, Alphabet’s shares declined 2.6% as its December-quarter earnings and revenue were lower than what analysts had anticipated.[2]<\/a><\/sup> Declining expansion in web search advertising, YouTube promotions, and cloud computing services had a negative effect on results.[2]<\/a><\/sup><\/p>\n

0. <\/span>“Stock market news live updates: Stocks slide after jobs report shocks, Big Tech results disappoint” Yahoo News, 3 Feb. 2023, https:\/\/news.yahoo.com\/stock-market-news-live-updates-february-3-2023-122332716.html<\/a><\/a><\/p>\n

1. <\/span>“U.S. stocks fall after blowout jobs report, disappointing earnings, but Nasdaq books longest weekly win streak since November 2021” MarketWatch, 3 Feb. 2023, https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-tumble-ahead-of-jobs-data-with-tech-under-pressure-as-apple-amazon-and-alphabet-fall-after-results-11675422809<\/a><\/a><\/p>\n

2. <\/span>“Dow Jones Slides 175 Points On Stunning Jobs Report; Apple Stock Reverses Higher On Earnings” Investor’s Business Daily, 3 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-fall-ahead-of-january-jobs-report-alphabet-amazon-apple-drop-on-earnings\/<\/a><\/a><\/p>\n

3. <\/span>“S&P 500, Dow, Nasdaq slump as job gains raise Fed worries (SP500)” Seeking Alpha, 3 Feb. 2023, https:\/\/seekingalpha.com\/news\/3932039-sp-500-dow-nasdaq-slump-as-job-gains-raise-fed-worries<\/a><\/a><\/p>\n

4. <\/span>“Stocks fall on Friday, but S&P 500 notches winning week as strong 2023 continues” CNBC, 3 Feb. 2023, https:\/\/www.cnbc.com\/2023\/02\/02\/stock-futures-fall-after-earnings-reports-from-apple-alphabet-disappoint-investors.html<\/a><\/a><\/p>\n

5. <\/span>“S&P 500 slides as blowout jobs report dents Fed pause hopes By Investing.com” Investing.com, 3 Feb. 2023, https:\/\/www.investing.com\/news\/stock-market-news\/sp-500-slides-as-blowout-jobs-report-dents-fed-pause-hopes-2995288<\/a><\/a><\/p>\n

6. <\/span>“Tech Stocks Surge on Interest Rate Optimism and Strength in Meta Platforms” Barchart, 2 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/13855473\/tech-stocks-surge-on-interest-rate-optimism-and-strength-in-meta-platforms<\/a><\/a><\/p>\n

7. <\/span>“Stock Market Today: Nasdaq Skyrockets After Meta Earnings, Buyback News” Kiplinger’s Personal Finance, 2 Feb. 2023, https:\/\/www.kiplinger.com\/investing\/stocks\/stock-market-today-020223-nasdaq-skyrockets-after-meta-earnings-buyback-news<\/a><\/a><\/p>\n

8. <\/span>“Market Rally Powers Higher On Tame Fed, Meta: Weekly Review” Investor’s Business Daily, 3 Feb. 2023, https:\/\/www.investors.com\/news\/market-rally-powers-higher-on-tame-fed-meta-earnings-apple-google-amazon\/<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":430,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/431"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=431"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/430"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}