Reported 11 months ago
US stocks dropped as investors reacted to the May jobs report, which exceeded expectations with 272,000 jobs added but raised concerns with the rise in unemployment to 4.0%. The report's impact reset the market outlook, pushing the likelihood of a Fed interest rate cut to December from September. The strong payroll data contradicted recent signs of a cooling US economy and dampened hopes for a July rate cut, contributing to a slight drop in US indexes on Friday despite a weekly gain.
Source: YAHOO