News

Labor and Employment

AP News | Equities.com |

Wall Street’s big rally let off the accelerator on Friday, despite a better-than-expected report on the U.S. job market, amid worries about worsening U.S.-China tensions and whether Washington can deliver more aid for the economy.

The S&P 500 inched up 2.12 points, or 0.1%, to 3,351.28 to eke out a sixth straight gain, after being down most of the day. It’s back within 1% of its record for the first time since February. The Dow Jones Industrial Average added 46.50, or 0.2%, to 27,433.48.


AP News | Equities.com |

WASHINGTON (AP) — The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus is weakening hiring and the economic rebound.

Many employers have been reluctant or unable to hire, with about two-thirds of the nation having paused or reversed reopening plans early last month. Even counting the hiring of the past three months, the economy has recovered only about 42% of the 22 million jobs it lost to the pande...


AP News | Equities.com |

U.S. average rates on long-term mortgages fell this week, pushing the key 30-year loan to a record low for the eighth time this year.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan dropped to 2.88% from 2.99% last week. It was the lowest level since Freddie started tracking rates in 1971. By contrast, the rate averaged 3.60% a year ago.

The average rate on the 15-year fixed-rate mortgage fell to 2.44% from 2.51% last...


AP News | Equities.com |

Stocks perked higher on Wall Street Thursday after a report showed the pace of layoffs across the country is slowing, though it remains incredibly high.

The S&P 500 rose 21.39, or 0.6%, to 3,349.16, as investors also waited for Congress and the White House to reach a hoped-for deal on more aid for the economy. It was the fifth straight gain for the index, which now hangs just 1.1% below its record set in February. Early in the spring, when panic about the pandemic was at its height, the S&P 500 had been down nearly 34%.


AP News | Equities.com |

Nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired.

The government’s report Thursday did offer a smidgen of hopeful news: The number of jobless claims declined by 249,000 from the previous week, after rising for two straight weeks, and it was the lowest total since ...


AP News | Equities.com |

Wall Street’s big rally keeps rolling, and the S&P 500 rose for a fourth straight day Wednesday to sit just 1.7% below its record.

The S&P 500 climbed 21.26 points, or 0.6%, to 3,327.77, echoing gains for stocks across Europe and Asia. If the U.S. market has just a few more days like that, it will erase the last of the historic losses it’s taken since February because of the coronavirus pandemic and the recession it caused.

The Dow Jones Industrial Average rose 373.05, or 1.4%, to 27,201.52, and the Nasdaq composite added 57.23, or 0.5%, to set another record at 10,998.40.


Reuters | Equities.com |

U.S. private payrolls growth slowed sharply in July, pointing to a loss of momentum in the labor market and overall economic recovery as new COVID-19 infections spread across the country.

The ADP National Employment Report on Wednesday showed private payrolls increased by 167,000 jobs last month. Data for June was revised up to show payrolls jumping by 4.314 million jobs instead of advancing 2.369 million as previously estimated.

Economists polled by...


Reuters | Equities.com |

U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery.

The upbeat survey from the Institute for Supply Management (ISM) on Monday, however, likely overstates the health of the manufacturing sector. Caterpillar Inc last week reported lower second-quart...


David Nelson, CFA CMT | Equities.com |

Last week capped off another powerful month for the broad indices setting up a potential challenge to the all-time S&P high set in February. Of course, the Nasdaq is already there in large part powered by the 5 largest companies (Apple, Microsoft, Amazon, Alphabet and Facebook) that all hit highs in July even if they didn't close there.

With the top five stocks representing 23% of the market cap and just 16% of earnings investors have a right to be nervous asking if there's too much concentration in ...


AP News | Equities.com |

With tens of thousands of airline workers facing layoffs this fall, labor groups are pushing Congress for more federal money to keep them on the payroll until next spring.

The unions have gained significant support among Democrats. They hope that the prospect of mass layoffs weeks before a pivotal election will sway some Republican votes.

The airline industry has been battered by the virus pandemic. In March, companies got $32 billion to help cover payrol...