The Daily Money: Labor market shows signs of cooling, finally
Good morning! It's finally Friday, and we have more to cheer than just the weekend ahead.
First, some of us get a few extra zzzz's this weekend when we turn our clocks back an hour because it's the end of daylight savings time.
Second, the stock market is higher this morning and is on track for its best week this year! Unfortunately (or maybe fortunately), the reason stocks are rallying is that the Labor Department reported fewer-than-expected jobs were created last month and the unemployment rate ticked up to 3.9%, the highest since January 2022. This is good news because it means the Federal Reserve's aggressive rate hikes may finally be cooling the economy enough for it to stop raising rates, but maybe not such good news if you're looking for a job. See what I mean? Guess we'll have to wait and see how this story ends. Stay tuned.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.