<ul class="summary-list"><li>While April's <keyword id="134929" type="PERSON" weightage="60" keywordseo="jobs-report">jobs report</keyword> was a huge miss, <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> claims have fallen for weeks, and just did again.</li><li>Other positive signals suggest the April data could be revised higher - and hiring is stronger than it seems.</li><li>Hiring could rebound as barriers like childcare and low wages are reversed, economist Robert Frick said.</li></ul>There's whiplash in the labor market. Friday's jobs report was, by nearly all measures, a huge disappointment. Payroll growth was roughly one-quarter of what economists anticipated, the unemployment rate rose, and several sectors shed jobs while roughly 10 million Americans remain unemployed. So how does that square with <a href="https://www.businessinsider.com/weekly-jobless-claims-473000-economic-reopening-recovery-labor-market-unemployment-2021-5">today's news</a> that unemployment claims just notched another pandemic-era low, the fourth in five weeks?April's number was likely just that: one number. The payrolls sum will most likely be revised in the next monthly release, and a handful of signals suggests the April reading was an abnormal blip amid otherwise encouraging trends in hiring.The April jobs report already contrasted with payroll data from firms including Kronos, Homebase, and OpenTable, Aneta Markowska, chief economist at Jefferies, told Insider on Friday. Tumbling claims only further isolate the jobs report."If we see claims continuing to move down, to me, that will be kind of confirmation that this April employment report was a fluke," Markowska added.<h2>Several other hiring signals are stronger than April's jobs report</h2>The details of the respective reports shine some light on how the labor market is really faring. While payroll growth sharply decelerated in April, average hourly wages shot higher. Separately, data published on Tuesday showed job openings soaring to a record-high 8.1 million in March, signaling strong demand for workers.With <a href="https://www.businessinsider.com/companies-raising-wages-workers-pandemic-hiring-chipotle-costco-target-walmart-2021-5">several businesses rolling out higher wages</a> to attract workers, hiring is expected to bounce back as jobless Americans face stronger incentives to work."With demand for workers high and layoffs relatively low, we should see strong hiring in the months to come, as barriers to employment, such as lack of childcare, lessen," Robert Frick, corporate economist at Navy Federal Credit Union, said. "For many, especially low-wage workers, returning to a job is a puzzle in which several pieces, such as childcare, transportation, wage levels, and benefits must fall into place."The jobs report also only covers part of each month, leaving room for revisions to lift the April count. The government's payrolls survey uses employers' pay periods that include the twelfth day of the month. The household employment survey - which also factors into the jobs report - uses a calendar week as its reference period, typically picking the week that includes the twelfth day of the month.<keyword id="142630" type="ORGANIZATION" weightage="60" keywordseo="jobless-claims">Jobless claims</keyword> have also fallen considerably since those reference periods ended. Claims totaled 566,000 for the week that ended on April 17. They've since fallen to 473,000 and show a strong downward trend.Others see the conflicting reports hinting at a shakeup taking place in the labor market. The April payrolls read and steady decline in jobless claims aren't at odds with each other; instead, the data point to job losses declining and many Americans re-entering the workforce, <keyword id="4363204" type="PERSON" weightage="60" keywordseo="cailin-birch">Cailin Birch</keyword>, global economist at The Economist Intelligence Unit, said."We expect the headline unemployment rate to remain elevated, at around 6%, for much of the second quarter as more and more discouraged workers begin seeking employment again and new job creation moves at a gradual pace," she added.

April's jobs report was likely gloomier than the true labor market

<ul class="summary-list"><li>Americans spent less than expected at retailers in August as the economy reopened further.</li><li>US <keyword id="87998" type="PERSON" weightage="60" keywordseo="Retail-sales">retail sales</keyword> increased 0.6% last month, missing the average economist estimate of 1%.</li><li>Though the reading marks the fourth straight month of improvement, the indicator's rally slowed through the summer as stimulus programs expired and coronavirus infections swung higher.</li></ul>Consumers spent less than expected at retailers in August as the economy continued its rebound from coronavirus lockdowns.US <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> sales increased 0.6% last month, falling short of the consensus economist estimate of 1%. The reading marks an slowdown from July's 1.2% climb.Excluding car purchases, sales rose 0.7%, also lagging forecasts calling for a 1% expansion.In all, last month's jump was the fourth straight increase after the gauge tanked in April. Retail sales data are among the few economic indicators showing a V-shaped through the pandemic. The metric was somewhat boosted by economic relief payments and expanded unemployment insurance included in the $2.2 trillion CARES Act.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a>However, the pace of retail sales' rebound slowed through the end of summer as stimulus programs dried up and Americans remained cautious of reopening risks.Other gauges including weekly jobless claims, purchasing managers' indexes, and credit-card spending reports show the US recovery losing steam in recent months. The resurgence of virus cases in July and August drove many Americans back into quarantines and slammed businesses already struggling through lockdowns. Though new cases have trended lower for several weeks, the rate of improvement is weakening."It must be noted that overall retail sales in August were nonetheless 2.6% higher than they were at the same time last year, making retail consumption one of the fastest-recovering areas of the US economy," Cailin Birch, global economist at The Economist Intelligence Unit, said in a statement. "But without a doubt, the momentum of this recovery has stalled, and we believe the US economy has several hard months ahead." August's retail sales slowdown comes as Congress remains deadlocked in negotiations for a second stimulus measure. Democrats argue a new package should include at least $2.2 trillion in relief spending, while the White House indicated it wouldn't sign a bill with more than $1.3 trillion in aid.Senate Republicans teed up a $500 billion "skinny" proposal last week that included a $300 per week expansion to unemployment benefits and aid for small businesses. Democrats blocked the bill's passage and deemed the package too small to meaningfully pad against the current economic slump. Republican Sen. Rand Paul also voted against the measure, criticizing the argument for more federal spending.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-cyclicals-gains-economy-recovers-mike-wilson-2020-9">MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus</a>

US retail sales climbed less than expected in August as economic bounce-back slowed

<img src="https://static-ssl.businessinsider.com/image/5d9e22953b33a7671e406685-2400/5cade4f281bb403e866153f16258c2ae.jpg" alt="FILE - In this Oct. 4, 2019, file photo Federal Reserve Chairman Jerome Powell attends a panel at the Federal Reserve Board Building in Washington. On Wednesday, Oct. 9, the Federal Reserve releases minutes from its September meeting when it cut interest rates for a second time this year. (AP Photo/Jacquelyn Martin, File)" /><ul><li>The Federal Reserve left borrowing costs at historically low levels on Wednesday.</li><li>Policymakers signaled there was no immediate need for further action following a round of stimulus measures in the second half of 2019. </li><li>The central bank predicted a target range of 1.5% to 1.75% would keep the record expansion on course in its 11th year. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><hr />The Federal Reserve left borrowing costs at historically low levels on Wednesday and signaled that there was no immediate need for further action following a round of stimulus measures in the second half of 2019. In a statement at the end of its two-day policy gathering in Washington, the central bank predicted that the current target range of 1.5% to 1.75% would keep the record expansion on course in its 11th year. Concerns about a potential downturn and ongoing trade tensions had led policymakers to reverse course this summer and slash interest rates three times last year, the first time it had taken such actions since the financial crisis. The policy-setting Federal Open Market Committee has taken a less cautious tone since then, also leaving rates unchanged in December.The economy is expected to grow at a slower but still steady pace this year, with the unemployment rate at its lowest level in 50 years. The Trump administration has also taken steps to de-escalate its trade dispute with China, which the Fed has outlined as a key risk to growth in the two largest economies.But steep tariffs are set to remain on thousands of products until at least November as the US and China negotiate a broader economic agreement. Economists say the dispute will continue to weigh on key sectors like manufacturing, which slipped into a mild recession last year. "Most signs point to a slowing economy," said Cailin Birch, global economist at the Economist Intelligence Unit. "We expect business investment to remain the main weak spot in the US economy in the first quarter of 2020, as the limited trade agreement signed with China in January fails to deliver real clarity on the future of US trade policy."The decision Wednesday is likely to spark further outrage from President Donald Trump, who regularly pressures the independent central bank to take steps to boost the economy. As the FOMC began its policy meeting Tuesday, Trump <a href="https://twitter.com/realDonaldTrump/status/1222186473849544704">said in a tweet</a> that the Fed should "get smart &amp; lower the Rate." This story is developing. Please check back for updates.

Fed leaves interest rates at historically low levels

<ul class="summary-list"><li>US <keyword id="6354971" type="DEFINITION" weightage="60" keywordseo="gross-domestic-product">gross domestic product</keyword> grew at a record 33.1% annualized rate in the second quarter, the Commerce Department said on Thursday.</li><li>The jump followed the second quarter's 31.4% annualized slump and roughly doubled the next-biggest increase on record. Economists surveyed by Bloomberg had expected a 32% increase.</li><li>The <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> reading caps a quarter of economic reopenings and revived business activity throughout the country.</li><li>Still, the 33% increase doesn't offset the prior quarter's decline. Experts have said a full recovery may take years, as the pace of <keyword id="44910" type="PERSON" weightage="60" keywordseo="GDP-growth">GDP growth</keyword> is set to moderate significantly in the last three months of 2020.</li></ul>After the coronavirus pandemic's toll drove <a href="https://www.businessinsider.com/us-q2-gdp-record-decline-coronavirus-pandemic-recession-lockdowns-economy-2020-7">a record plunge in economic output</a> in the second quarter, the US's summer recovery fueled the largest-ever jump in gross domestic product.US gross domestic product grew at an annualized rate of 33.1% in the third quarter, the Commerce Department said on Thursday. The reading is the largest output gain on record, in data going back to the 1940s. It's roughly double the next-biggest jump, in 1950. Economists surveyed by Bloomberg had expected a 32% gain.The reading represents how much the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> would've grown had the third-quarter rate lasted for a year. It's a sharp reversal from the second quarter's 31.4% annualized rate of contraction.Thursday's figure is also the first of three estimates published by the Commerce Department and could be revised in the coming months.<iframe title="GDP growth" id="datawrapper-chart-n7Dpz" src="https://datawrapper.dwcdn.net/n7Dpz/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% ; border: none;" height="450"></iframe>Read more: <a href="https://www.businessinsider.com/stock-market-volatility-expert-warns-of-crash-shares-trading-strategy-2020-10" target="_blank" rel="noopener">The founder of a volatility-hedging program that gained 3,700% in the March crash says 'the opportunity is ripe' for another chaotic market event — and shares how investors can take advantage of it</a>The historic rebound was led by the gradual reopening of businesses and revitalized spending activity. As quarantine orders eased, Americans used cash from the $2.2 trillion CARES Act to revive the economy from its frozen state.But the V-shaped trendline in GDP growth glosses over the recovery's nuances. More frequently updated indicators such as nonfarm payrolls, credit-card spending, and purchasing managers' indexes signaled a slowed pace of recovery through the end of the summer.Roughly half of the Americans who lost their jobs in the pandemic remain unemployed. Consumer spending enjoyed a sharp bounce-back before easing to a more moderate growth rate."Not only was the US economy enjoying the immediate bounce as a result of economic re-openings, but it was basking in significant fiscal stimulus support schemes," said Seema Shah, the chief strategist at Principal Global Investors. "Now, the path forward will inevitably be an uphill struggle."And while the 33% GDP increase might seem to offset the second-quarter slump, it doesn't place overall output back at its pre-pandemic highs. Third-quarter growth would have needed to reach roughly 46% to balance out the record downturn.Economists have said a full recovery may take years, as fourth-quarter growth is expected to land well below Thursday's blockbuster reading."If the provisional figure is correct, the US economy has now recovered to around 10% below its level in the first quarter, before the onset of the pandemic in the US," said Cailin Birch, the global economist at the Economist Intelligence Unit.<iframe title="Real GDP " id="datawrapper-chart-Llh20" src="https://datawrapper.dwcdn.net/Llh20/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% ; border: none;" height="450"></iframe>Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-covid-19-second-wave-ryan-giannotto-2020-9">7 stocks to buy — in addition to the FAANMGs — for a second wave of COVID-19, according to a Wall Street expert</a>The recovery also faces risks from increasing COVID-19 case counts. Some countries in Europe have reinstated lockdown measures as coronavirus infection rates and death tolls rise, and some fear that the US could take similar steps.Should the economy continue to bounce back amid the virus resurgence, it will have to do so without fresh fiscal stimulus. The CARES Act has been widely praised as a primary driver of the third quarter's sharp improvement, but aid allocated in the bill has largely expired.Hopes for a near-term stimulus boost were extinguished on Monday when Senate Majority Leader Mitch McConnell adjourned the Senate until November 9. The US presidential election is set to determine the fate of another fiscal support bill.Wall Street economists see a second term for President Donald Trump likely furthering the recent legislative stalemate. A Democratic sweep, however, could yield a sizable stimulus measure in early 2021.Read more: <a href="https://www.businessinsider.com/trading-strategy-how-tom-baldwin-surpassed-1-million-first-year-2020-10" target="_blank" rel="noopener">Market wizard Tom Baldwin started trading with $25,000 and grew it to an estimated $30 million. He shares 6 timeless trading rules that helped him reach millionaire status before his first year was through.</a>

US GDP surged a record 33% in the 3rd quarter as the economy reopened, roughly double the next-biggest jump

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ba92a7d33db9e1c478b4567-2014/gettyimages-825338414.jpg" border="0" alt="warehouse worker" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Scott Olson/Getty Images" />Scott Olson/Getty Images</div></div></div><ul><li>Government data out Friday showed hiring cooled but held up at a solid pace in September.</li><li>The jobs report offered a snapshot of the American economy at a time of heightened uncertainty.</li><li>Trade tensions have added pressure to a labor market that was already expected to slow this year.</li><li><a href="https://www.businessinsider.com/" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</li></ul><hr />Government data out Friday showed hiring cooled but held up at a solid pace in September, offering a snapshot of the American economy during a period marked by heightened uncertainty and concerns about a potential slowdown. The Bureau of Labor Statistics said the US added 136,000 nonfarm payrolls last month, fewer than the 168,000 created in September but enough to push unemployment levels to fresh lows at 3.5%. Economists had forecast an increase of 147,000.Trade tensions have added pressure to a labor market that was already expected to slow this year as the effects of tax cuts and other stimulus measures began to fade. Between July and September, an average of 157,000 jobs were created. "Economic growth, and therefore job creation, are showing clear signs of slowing," said Cailin Birch, global economist at the Economist Intelligence Unit. "The core issue behind this is trade policy uncertainty, and the negative impact this has already had on some key export markets for US firms, including the EU and China."The effects of tariffs levied between the US and major trading partners have grown increasingly evident in recent weeks, fueling broader concerns about the economy. On Tuesday, data showed the manufacturing sector <a href="https://markets.businessinsider.com/news/stocks/ism-factory-manufacturing-data-unexpectedly-contracts-hits-10-year-low-2019-10-1028567885">fell deeper into a recession</a> in September as new orders and hiring cooled further. "The uncertainty linked to the direction of trade policy may exact a larger price on hiring across goods producing and manufacturing jobs," said Joe Brusuelas, the chief economist at RSM, a financial consulting firm. The Trump administration plans to expand tariffs to thousands of consumer products from China and the European Union in the coming months, putting businesses and households more directly at risk. Separate data out Thursday suggested higher costs and uncertainty have started to weigh on the service sector, which accounts for a majority of activity in the economy.This story is developing. Check back for more updates.Read more: <a href="https://markets.businessinsider.com/news/stocks/trump-manufacturing-recession-us-china-trade-war-pressures-sector-2019-10-1028571949">Trump promised to revive US manufacturing. But the sector just plunged deeper into a recession.</a>Now read: <a href="https://www.businessinsider.com/trump-losing-trade-war-with-china-could-be-stocks-positive-2019-9" target="_blank" rel="noopener">The chief strategist at a $1 trillion investing giant says Trump is doomed to lose his trade war - and explains why that would be the best possible outcome for markets</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/united-states-militarys-search-stench-weapons-2016-7">We can thank the US military for the smelliest weapon in the world</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/Ybt8Rw5Q-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

US adds fewer jobs than expected in September, unemployment hits 50-year low

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55ed80ddbd86ef21008b87e6-2400/rtr2yvim.jpg" border="0" alt="worker labor steel usa flag" data-mce-source="REUTERS/Brian Snyder" data-mce-caption="A worker walks between rolls of steel ahead of a tour by Republican presidential candidate and former Massachusetts Governor Mitt Romney of Gregory Industries during a campaign stop in Canton, Ohio March 5, 2012." />REUTERS/Brian Snyder</div></div></div><ul><li>The Bureau of Economic Analysis <a href="https://www.bea.gov/data/gdp/gross-domestic-product">said</a> Friday gross domestic product, a measure of all the goods and services produced in a country, slowed between April and June.</li><li>Consumer spending at home partially offset weakness caused by global trade disputes that began more than a year ago. </li><li>The economy expanded at a pace just under the Trump administration's goal of 3% in 2018, but growth was widely expected to slow this year. </li><li><a href="https://markets.businessinsider.com/">Visit Markets Insider for more stories</a>.</li></ul><hr />The American economy slowed sharply in the second quarter, but is still expanding at a solid pace. The newly released data reflects consumer spending at home that partially offset weakness caused by sprawling trade disputes that began more than a year ago. The Commerce Department <a href="https://www.bea.gov/data/gdp/gross-domestic-product">estimated</a> Friday that gross domestic product, a measure of all the goods and services produced in a country, rose 2.1% between April and June. That marked a decline from the previous quarter's 3.1% figure. Economists surveyed by Bloomberg had expected an increase of 1.8%. At the beginning of 2019, GDP growth was <a href="https://markets.businessinsider.com/news/stocks/gross-domestic-product-q1-2019-2019-4-1028142680">far above estimates at 3.2%</a>. But the print was helped by a sharp jump in exports, while underlying data pointed to slower growth. Trade figures have been volatile since President Donald Trump <a href="https://www.wsj.com/articles/trade-wars-are-sending-jobs-elsewhere-11564008528">ignited tariff wars</a> with several major economies last year."The factors that contributed to a surge in first-quarter growth - namely, a contraction in imports and rising unsold inventories - reflect concerns over future trade policy and slowing demand," said Cailin Birch, the global economist at The Economist Intelligence Unit. "They point to a moderation in GDP growth later in the year."The economy grew at a pace just under the Trump administration's goal of 3% in 2018, propelled by $1.5 trillion tax-cut legislation passed in 2017 and increased public spending. A weaker second-quarter reading makes it less likely that GDP will reach White House estimates for the year. The Council of Economic Advisers forecasted a <a href="https://www.whitehouse.gov/wp-content/uploads/2019/03/ERP-2019.pdf">print of more than 3% this year</a>, far above a Federal Reserve <a href="https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20190619.htm">forecast</a> of between 2% and 2.2%. Friday's reading is preliminary; a second estimate for the second quarter is scheduled to be released August 29. <a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/navy-area-51-autec-in-the-bahamas-2016-10">The Navy has its own Area 51 and it's right in the middle of the Bahamas</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/XwzxJ81L-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

The US economy slowed sharply in the second quarter as Trump's trade war raged

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ba92a4a4fe807fc468b456b-2400/gettyimages-825338414.jpg" border="0" alt="warehouse worker" data-mce-source="Scott Olson/Getty Images" />Scott Olson/Getty Images</div></div></div><ul><li>The June jobs report is set to be released Friday at 8:30 a.m. ET. </li><li>It's expected to show that hiring rebounded last month after a surprisingly weak reading in May. </li><li>An unexpected slowdown would add to concerns that the labor market is running out of steam.</li><li><a href="https://markets.businessinsider.com/">Visit Markets Insider for more stories. </a></li></ul><hr />In the latest snapshot of the US economy, government data out on Friday is expected to show that hiring rebounded in June and that wage growth accelerated at a solid pace.Economists forecast that the Labor Department will say the US added 164,000 nonfarm payrolls last month, which would mark a healthy recovery from a surprisingly weak reading of 75,0000 jobs in May. The unemployment rate is expected to hold at 3.6%, its lowest level in nearly five decades, according to estimates compiled by Reuters. Wages are expected to accelerate 0.3% from a month earlier, marking a slightly slower pace than the previous month but a year-over-year gain above 3%. The results could offer crucial clues about the state of the expansion, which became the longest on record last week. Economists say a rebound in June would suggest that the weak reading last month was more of a fluke than the start of a downward trend, even as President Donald Trump remains locked in a tariff dispute with the second largest economy. "The impact of the end of the tax cuts has been magnified in recent months by the hit from the Q4 drop in stocks," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics. "But with the market now at new highs and a trade deal with China back on the agenda, we expect job growth to pick up again in later summer or early fall, heading back to the high 100s."But after 104 months of job gains, another disappointing reading could suggest that the labor market is running out of steam. The Federal Reserve has signaled it could <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-policy-some-analysts-dont-see-cut-2019-6-1028305371">slash interest rates</a> at a policy meeting this month, if key sectors weaken and trade tensions worsen. "If the June employment data falls below consensus for a second month in a row, however, this would put additional pressure on the Fed, making a September rate cut more likely," said Cailin Birch, the global economist at The Economist Intelligence Unit. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/ultimate-cross-country-us-road-trip-every-state-2015-5">This is the shortest route for a road trip across the US to see 50 national landmarks</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/vLVlanPy-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

The June jobs report could offer crucial clues about where the economy is headed and what the Fed will do next

<img src="https://static-ssl.businessinsider.com/image/5bcdfbb1756c105b7b7b189f-2400/assemblyline worker.jpg" alt="Assemblyline Worker" /><ul><li>The Bureau of Labor Statistics said 266,000 nonfarm payrolls were created last month, pushing the unemployment rate to a historically low 3.5%.</li><li>Economists predicted that would help lift payroll gains to 185,000 in November from 128,000 a month earlier. </li><li>The report came amid concerns that one of the brightest spots in the economy has started to run out of steam. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><hr />Government data out Friday showed the US added far more jobs than expected in November, relieving concerns that one of the brightest spots in the economy may have started to run out of steam. The Bureau of Labor Statistics said 266,000 nonfarm payrolls were created last month, pushing the unemployment rate to a historically low 3.5%. The figure was temporarily boosted by the end of a six-week strike at General Motors, which had idled roughly 50,000 workers throughout October. Economists predicted that would help lift payroll gains to 185,000 in November from 128,000 a month earlier. Wage growth continued to outpace inflation last month but remained stubbornly below what would be expected with an unemployment rate at its lowest level in half a century. Average hourly earnings rose 3.1% year-over-year in November, a slight uptick from a month earlier but short of the peak gains seen in early 2019.November marked the 110th consecutive month of job gains, but the record-long expansion has moderated this year as the effects of tax cuts began to fade and a global slowdown hit. The US has added an average of 167,000 jobs each month this year, compared with an average monthly gain of 223,000 in 2018.A tit-for-tat trade dispute between the Trump administration and China has continued to escalate in recent months, raising costs for employers and casting a thick cloud of uncertainty onto hiring plans. "The administration can no longer rely on endless good labor market numbers. Mostly, this is a self-inflicted wound," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics. "The further downturn in labor demand evident in the surveys since late spring is a consequence of both the direct costs imposed on business by the tariffs and the crippling uncertainty over future trade policy."Friday's report will likely bolster expectations for the Federal Reserve to maintain a wait-and-see approach at a policy meeting next week. After lowering interest rates three times this year, the central bank has signaled it saw little to no immediate need for additional stimulus measures. "This fits with our overall view that the US economy is slowing, but faces only minor risk of recession," said Cailin Birch, a global economist at the Economist Intelligence Unit. The labor market was slower to pull Americans from the sidelines in November. The labor-force participation rate edged lower to 63.2%, a figure that low by historical standards and compared with other countries.This story is developing. Please check back for updates.

US economy smashes forecasts, adds 266,000 jobs in November

<ul><li>US equities edged higher on Thursday as economic data pointed to a stronger-than-expected pace of recovery.</li><li>The US economy <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">grew at a record 33.1% annualized rate</a> in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.</li><li>Weekly jobless claims <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">fell to 751,000</a> in the week that ended on Saturday, the Labor Department said. The reading exceeded the median economist estimate of 770,000.</li><li>Tech stocks outperformed ahead of earnings reports from <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> after the close.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks gained on Thursday as economic data detailing the nation's recovery exceeded expectations.The US economy <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">grew at a record 33.1% annualized rate</a> in the third quarter, the Commerce Department announced Thursday. The reading came in just above the 32% economist estimate and is roughly double the next-biggest <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> jump on record.While the leap might seem to offset the second quarter's 31.4% contraction, it doesn't bring output back to pre-pandemic levels. Third-quarter growth would've needed to hit roughly 46% to balance out the virus-induced slump.Here's where US indexes stood at 10:55 a.m. ET on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,297.60, up 0.8%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 26,610.78, up 0.3% (80 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,123.31, up 1.1%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-market-volatility-expert-warns-of-crash-shares-trading-strategy-2020-10" target="_blank" rel="noopener">The founder of a volatility-hedging program that gained 3,700% in the March crash says 'the opportunity is ripe' for another chaotic market event — and shares how investors can take advantage of it</a>"If the provisional figure is correct, the US economy has now recovered to around 10% below its level in the first quarter, before the onset of the pandemic in the US," Cailin Birch, a global economist at the Economist Intelligence Unit, said in an emailed statement.Weekly jobless claims also exceeded economists' forecasts. Filings for unemployment benefits <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">fell to an unadjusted 751,000</a> for the week that ended on Saturday, <a href="https://www.dol.gov/ui/data.pdf">the Labor Department said</a>. Economists surveyed by Bloomberg had expected claims to slide to 770,000.Continuing claims, which track the aggregate total of Americans receiving unemployment benefits, fell to 7.8 million for the week that ended on October 17. That reading was roughly in line with economists' expectations.The Thursday claims report suggests the labor market's recovery is moving forward after stalling earlier in the month. Still, "good news continues to be tempered" by the rising number of Americans who have exhausted regular benefits, Nancy Vanden Houten, the lead US economist at Oxford Economics, said in a note, adding that the total is "evidence of more lasting scarring in the labor market."Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-covid-19-second-wave-ryan-giannotto-2020-9" target="_blank" rel="noopener">7 stocks to buy — in addition to the FAANMGs — for a second wave of COVID-19, according to a Wall Street expert</a>The market's moderate climb follows stocks' <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-plunge-new-virus-lockdowns-dow-sp500-2020-10-1029736777">worst day since June</a>. The S&amp;P 500 sank 3.5% on Wednesday as surging COVID-19 cases prompted Germany and France to reinstate lockdown measures. With cases in the US increasing, the rising odds of another economic shutdown cut into investor sentiments.If the quarterly GDP reading and jobless claims weren't enough to digest, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> are set to report earnings after the market closes. Better-than-expected results could help major indexes erase some of the week's losses on Friday.Tech stocks led the Nasdaq to outperform after the open, while the Dow eked out minor gains. The latter index tumbled through the week as financial and industrial stocks faced outsized selling.Read more: <a href="https://www.businessinsider.com/trading-strategy-how-tom-baldwin-surpassed-1-million-first-year-2020-10" target="_blank" rel="noopener">Market wizard Tom Baldwin started trading with $25,000 and grew it to an estimated $30 million. He shares 6 timeless trading rules that helped him reach millionaire status before his first year was through.</a><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> hovered at about $13,000 after breaking above $13,300 earlier in the morning. The cryptocurrency's rally has slowed since it broke through the psychological level.<a href="https://markets.businessinsider.com/commodities/gold-price">Spot gold</a> fell as much as 0.9%, to $1,860.04 per ounce, its lowest level in a month. The US dollar gained against a basket of other currencies, and Treasury yields edged higher.Oil <a href="https://markets.businessinsider.com/news/stocks/oil-hits-lowest-since-june-as-covid-19-surge-triggers-lockdowns-2020-10-1029740338">sank to a five-month low</a> as the new lockdown measures in Europe damaged recovery hopes. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> fell as much as 6.6%, to $34.92 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, fell 6.2%, to $36.68 per barrel, at intraday lows.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/election-and-the-stock-market-what-is-worst-case-scenario-2020-10">A Wall Street investment strategist breaks down what would be the worst election outcome for markets — and details what investors can learn about the implications of a Democratic sweep by looking at 2009</a><a href="https://www.businessinsider.com/economic-outlook-federal-reserve-monetary-policy-exhausted-fiscal-stimulus-dudley-2020-10">The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says</a><a href="https://www.businessinsider.com/apple-q4-earnings-preview-iphone-12-demand-commentary-services-revenue-2020-10">'Valuation leaves little room for error': Here's what 4 Wall Street banks expect from Apple's fiscal 4th-quarter earnings report</a>

US stocks climb on record GDP growth and encouraging jobless claims data

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d5ec50e54c75f290511478b-2400/2019-03-20t192858z1237312435rc167030da00rtrmadp3usa-fed.jpg" border="0" alt="powell" data-mce-source="REUTERS/Jonathan Ernst" data-mce-caption="U.S. Federal Reserve Chairman Jerome Powell speaks during a news conference following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington, U.S., March 20, 2019." />REUTERS/Jonathan Ernst</div></div></div><ul><li>The Federal Reserve decided to ease borrowing costs for the second time since the financial crisis on Wednesday.</li><li>The decision came as policymakers sought to insulate the longest economic expansion on record from growing risks. </li><li>The adjustment was broadly in line with expectations, but far from the aggressive stimulus President Donald Trump has repeatedly demanded.</li><li><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories</a>.</li></ul><hr />The Federal Reserve eased borrowing costs for the second time since the financial crisis Wednesday and left the door open to future cuts. The move came as policymakers sought to insulate the longest economic expansion on record from growing risks. Following a closely watched policy meeting, the central bank lowered interest rates to a target range of 1.75% to 2%. The quarter percentage point adjustment was broadly in line with expectations but remained far from the aggressive stimulus President Donald Trump has repeatedly demanded.The FOMC has become starkly divided over how to weigh solid fundamentals against signs of strain on the economy in recent months. At its last meeting in July, some thought that a larger cut should have been made while others wanted to keep rates unchanged. "Fed Chair Jerome Powell will have to steer a careful course between reassuring markets and recognizing an economy still exhibiting record low unemployment, fairly steady growth, and signs of a small but meaningful uptick in inflation," said John Lynch, the chief investment strategist at LPL Financial. An escalating trade dispute between the Trump administration and China has further muddled the outlook for policymakers. The effects of tariffs have grown increasingly evident in American sectors including manufacturing, which contracted this month for the first time in three years. The largest economies plan to extend tariffs to far more consumer products this December, putting businesses and households more directly at risk of becoming caught in the crossfire. That could disrupt some of the brightest spots in the US economy: hiring and consumer spending."For now, the US-China trade war shows no sign of slowing, and the Fed will want to cushion the impact of the latest round of import tariffs," said Cailin Birch, global economist at The Economist Intelligence Unit.Trump has pressured the Fed to take drastic steps to juice the economy, which flashed a key recession warning in August for the first time since 2007. Recent polls suggest Americans are becoming nervous about tariffs and would blame the president in the event of a downturn. "...The United States, because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries," <a href="https://twitter.com/realDonaldTrump/status/1173564172635914247?s=20">Trump wrote on Twitter early Monday</a>. "They can't believe how lucky they are that Jay Powell &amp; the Fed don't have a clue. And now, on top of it all, the Oil hit. Big Interest Rate Drop, Stimulus!"Read more: <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-decision-trump-likely-to-be-disappointed-2019-9-1028531435">Trump will likely be let down on his demand for a 'Big Interest Rate Drop' this week</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-organ-transplants-so-expensive-united-states-2019-9">Why organ transplants are so expensive in the US</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/TFwfXkj0-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

The Fed cuts rates for 2nd time since financial crisis - but defies Trump's calls for 'big' stimulus

<ul><li>US equities climbed on Thursday as rallying tech stocks and encouraging economic data reversed some of Wednesday's plunge.</li><li><a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> led gains ahead of the companies' quarterly reports.</li><li>US GDP <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">grew at a record 33.1% annualized rate</a> in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.</li><li>Weekly jobless claims <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">fell to 751,000</a> in the week that ended on Saturday, the Labor Department said. The reading exceeded the median economist estimate of 770,000.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks rallied on Thursday as investors cheered healthy economic data and bet on tech stocks to post strong quarterly earnings.<a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> led the market's gains ahead of the companies' latest quarterly reports. Facebook and Alphabet are expected to post a bounce-back in advertising revenue after other social-media giants revealed similar rebounds in their reports. The tech sector's outperformance led the <keyword id="156451" type="ORGANIZATION" weightage="60" keywordseo="Nasdaq-Composite">Nasdaq composite</keyword> to outperform peer indexes.Stocks initially opened mixed as revived COVID-19 fears muffled the impact of encouraging economic data. US gross domestic product <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">grew at a record 33.1% annualized rate</a> in the third quarter, the Commerce Department said Thursday. The reading came in just above the 32% economist estimate and is roughly double the next-biggest GDP jump on record.Here's where US indexes stood at the 4 p.m. ET market close on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,310.12, up 1.2%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 26,659.17, up 0.5% (139 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,185.59, up 1.6%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-high-growth-stocks-2021-goldman-sachs-2020-10" target="_blank" rel="noopener">Goldman Sachs shares 10 high-growth stocks it newly recommends buying as investors reward companies that channel cash to grow their businesses in 2021</a>While the jump in GDP might seem to offset the second quarter's 31.4% contraction, it doesn't bring output back to pre-pandemic levels. Third-quarter growth would've needed to hit roughly 46% to balance out the virus-induced slump."If the provisional figure is correct, the US economy has now recovered to around 10% below its level in the first quarter, before the onset of the pandemic in the US," Cailin Birch, a global economist at the Economist Intelligence Unit, said in an emailed statement.Weekly jobless claims also exceeded economists' forecasts. Filings for unemployment benefits <a href="https://www.businessinsider.com/us-weekly-jobless-claims-economy-unemployment-filings-insurance-benefits-decline-2020-10">fell to an unadjusted 751,000</a> for the week that ended on Saturday, <a href="https://www.dol.gov/ui/data.pdf">the Labor Department said</a>. Economists surveyed by Bloomberg had expected claims to slide to 770,000.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-covid-19-second-wave-ryan-giannotto-2020-9" target="_blank" rel="noopener">7 stocks to buy — in addition to the FAANMGs — for a second wave of COVID-19, according to a Wall Street expert</a>Continuing claims, which track the aggregate total of Americans receiving unemployment benefits, fell to 7.8 million for the week that ended on October 17. That reading was roughly in line with economists' expectations.The Thursday claims report suggests the labor market's recovery is moving forward after stalling earlier in the month. Still, "good news continues to be tempered" by the rising number of Americans who have exhausted regular benefits, Nancy Vanden Houten, the lead US economist at Oxford Economics, said in a note, adding that the total is "evidence of more lasting scarring in the labor market."The market's moderate climb follows stocks' <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-plunge-new-virus-lockdowns-dow-sp500-2020-10-1029736777">worst day since June</a>. The <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> sank 3.5% on Wednesday as surging COVID-19 cases prompted Germany and France to reinstate lockdown measures. With cases in the US increasing, the rising odds of another economic shutdown cut into investor sentiments.Read more: <a href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-explains-jumia-compass-bets-2020-10" target="_blank" rel="noopener">Famed short-seller Andrew Left told us about his bullish positions in a magic-mushroom company and a COVID-19 test maker — and explained why he's now all-in on an online retailer he bet against barely a year ago</a>Tech, communications, and energy stocks led the S&amp;P 500's rally. Healthcare and utilities names lagged behind. Stocks' climb accelerated in the afternoon after President Donald Trump said he aimed to pass a "very big" stimulus package should he win reelection.<a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a>, <a href="https://markets.businessinsider.com/stocks/atvi-stock">Activision Blizzard</a>, and <a href="https://markets.businessinsider.com/stocks/sbux-stock">Starbucks</a> are among the companies set to report quarterly earnings after the bell.<a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a> surged in the final hour of trading after the streaming giant <a href="https://www.businessinsider.com/netflix-raises-prices-standard-premium-plans-united-states-2020-10">raised prices for its plans in the US</a>. The monthly price of its most popular plan jumped by $1, to $14, while the monthly price of its premium plan jumped to $18 from $16. Its basic plan will remain $9 a month.<a href="https://markets.businessinsider.com/news/stocks/pinterest-stock-price-q3-earnings-beat-spike-users-coronavirus-pandemic-2020-10-1029740747">Pinterest skyrocketed</a> after the company trounced earnings expectations. Monthly active users soared amid continued stay-at-home activity.Read more: <a href="https://www.businessinsider.com/stock-market-volatility-expert-warns-of-crash-shares-trading-strategy-2020-10" target="_blank" rel="noopener">The founder of a volatility-hedging program that gained 3,700% in the March crash says 'the opportunity is ripe' for another chaotic market event — and shares how investors can take advantage of it</a><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rallied alongside equities, climbing as high as $13,647.43 as the token's uptrend resumed. The cryptocurrency still sits below the $13,800 level it breached on Tuesday.<a href="https://markets.businessinsider.com/commodities/gold-price">Spot gold</a> fell as much as 0.9%, to $1,860.04 per ounce, its lowest level in a month. The US dollar gained against a basket of other currencies, and Treasury yields surged.Oil <a href="https://markets.businessinsider.com/news/stocks/oil-hits-lowest-since-june-as-covid-19-surge-triggers-lockdowns-2020-10-1029740338">sank to a five-month low</a> before paring losses. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> fell as much as 6.6%, to $34.92 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, fell 6.3%, to $36.64 per barrel, at intraday lows.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/election-and-the-stock-market-what-is-worst-case-scenario-2020-10">A Wall Street investment strategist breaks down what would be the worst election outcome for markets — and details what investors can learn about the implications of a Democratic sweep by looking at 2009</a><a href="https://www.businessinsider.com/economic-outlook-federal-reserve-monetary-policy-exhausted-fiscal-stimulus-dudley-2020-10">The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says</a><a href="https://www.businessinsider.com/apple-q4-earnings-preview-iphone-12-demand-commentary-services-revenue-2020-10">'Valuation leaves little room for error': Here's what 4 Wall Street banks expect from Apple's fiscal 4th-quarter earnings report</a>

You Searched For "cailin birch" and got 11 results

April's jobs report was likely gloomier than the true labor market

Ben Winck

US retail sales climbed less than expected in August as economic bounce-back slowed

Ben Winck

Fed leaves interest rates at historically low levels

Gina Heeb

US GDP surged a record 33% in the 3rd quarter as the economy reopened, roughly double the next-biggest jump

Ben Winck

US adds fewer jobs than expected in September, unemployment hits 50-year low

Gina Heeb

The US economy slowed sharply in the second quarter as Trump's trade war raged

Gina Heeb

The June jobs report could offer crucial clues about where the economy is headed and what the Fed will do next

Gina Heeb

US economy smashes forecasts, adds 266,000 jobs in November

Gina Heeb

US stocks climb on record GDP growth and encouraging jobless claims data

Ben Winck

The Fed cuts rates for 2nd time since financial crisis - but defies Trump's calls for 'big' stimulus

Gina Heeb

Dow climbs 139 points, Nasdaq soars as tech giants rally ahead of earnings

Ben Winck