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Wall Street in open anemia until 2023 amid recession warning, awaiting US jobs report

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https://sputniknews.com/20230104/wall-street-in-anemic-open-to-2023-amid-recession-warning-pending-us-jobs-report-1106022522.html

Wall Street in open anemia until 2023 amid recession warning, awaiting US jobs report

Wall Street in open anemia until 2023 amid recession warning, awaiting US jobs report

NEW YORK (Sputnik) – Wall Street got off to an anemic start to 2023 as the International Monetary Fund (IMF) heightened fears of a global recession and… 04.01.2023, Sputnik International

2023-01-04T00:57+0000

2023-01-04T00:57+0000

2023-01-04T00:57+0000

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The Dow Jones Industrial Average, which serves as Wall Street’s broadest equity gauge with stocks of 30 major U.S. companies, closed down 11 points, or 0.03%, at 33,136. The Dow Jones ended 2022 down 9%. The S&P 500 Index, which represents the 500 major U.S. stocks, ended up 15 points, or 0.4%, at 3,824. It ended 2022 down 19%. The Nasdaq Composite Index, which includes big names in technology such as Amazon, Apple, Netflix and Google, fell 80 points, or 0.8%, to 10,387. The Nasdaq ended 2022 in down 33%. US stocks stumbled after the IMF said the world’s three main growth centers – the United States, Europe and China – were all seeing weaker activity at the start of 2023, raising the stakes for a global economic downturn. In China, in particular, manufacturing activity shrank for a fifth consecutive month in December, a private survey showed on Tuesday, as the country grappled with an unprecedented spike in coronavirus cases after easing some restrictions intended to prevent the spread of the virus. The figures provide insight into the challenges facing Chinese manufacturers who are now having to deal with a rise in infections after the country’s abrupt reversal of the zero COVID policy in early December. In the US this week, the focus will be more on Friday’s US Nonfarm Payrolls report for December. The jobs report is the first high-level release of 2023 ahead of next week’s larger Consumer Price Index, or CPI, report. The jobs report is critical as the Federal Reserve faces a dilemma: continue monetary tightening to bring inflation back to its preferred level or abandon aggressive rate hikes to shield the economy from a slowdown. Rising inflation and rising interest rates have hit the housing sector – and could then hit the labor market, which has grown by leaps and bounds over the past two years since the world emerged from the worst of the pandemic. On the other hand, eight non-farm payrolls reports beat economists’ estimates, so another positive surprise cannot be ruled out. Economists polled by US media expect December’s payrolls report to point to an increase of 200,000 jobs – down from November’s growth of 263,000 – but still healthy by US labor market standards . Before the pandemic, American jobs were growing by just under 200,000 a month.

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The Dow Jones Industrial Average, which serves as Wall Street’s broadest equity gauge with stocks of 30 major U.S. companies, closed down 11 points, or 0.03%, at 33,136. The Dow Jones ended 2022 down 9%.

The S&P 500 Index, which represents the 500 major U.S. stocks, ended up 15 points, or 0.4%, at 3,824. It ended 2022 down 19%.

The Nasdaq Composite Index, which includes big names in technology such as Amazon, Apple, Netflix and Google, fell 80 points, or 0.8%, to 10,387. The Nasdaq ended 2022 in down 33%.

US stocks stumbled after the IMF said the world’s three main growth centers – the United States, Europe and China – were all seeing weaker activity at the start of 2023, raising the stakes for a global economic downturn.

“This could be a year in which global growth slows significantly and traders wonder if this will justify an easing of monetary policy later in 2023,” said Craig Erlam, analyst at online trading platform OANDA. “Central banks have strongly pushed back on the idea and I imagine the IMF would too at this point, but we could see the markets moving in that direction if the data doesn’t continue to haunt us.”

In China, in particular, manufacturing activity shrank for a fifth consecutive month in December, a private survey showed on Tuesday, as the country grappled with an unprecedented spike in coronavirus cases after easing some restrictions intended to prevent the spread of the virus. The figures provide insight into the challenges facing Chinese manufacturers who are now having to deal with a rise in infections following the abrupt reversal of the country’s zero COVID policy in early December.

In the US this week, the focus will be more on Friday’s US Nonfarm Payrolls report for December. The jobs report is the first high-level release of 2023 ahead of next week’s larger Consumer Price Index, or CPI, report.

The jobs report is critical as the Federal Reserve faces a dilemma: continue monetary tightening to bring inflation back to its preferred level or abandon aggressive rate hikes to shield the economy from a slowdown. Rising inflation and rising interest rates have hit the housing sector – and could then hit the labor market, which has grown by leaps and bounds over the past two years since the world emerged from the worst of the pandemic. On the other hand, eight non-farm payrolls reports beat economists’ estimates, so another positive surprise cannot be ruled out.

Economists polled by US media expect December’s payrolls report to point to an increase of 200,000 jobs – down from November’s growth of 263,000 – but still healthy by US labor market standards . Before the pandemic, American jobs were growing by just under 200,000 a month.

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