More than $2 trillion has been wiped off Wall Street overnight despite the US posting its third strongest jobs report in 18 months. Donald Trump was baffled by the news, saying “stocks should go up, not down” following the new data. US job growth surged past expectations in May with the unemployment rate remaining steady, as the labour market in the world’s largest economy showed signs of firming after months of turbulence. The news seems good on the surface but it has led to fears
the US Fed will be forced to hike rates. Wall Street stocks slumped with investors expecting a strong labour market means the Federal Reserve will switch its focus to combating inflation through rate hikes later this year. “Stocks should go up, not down. That’s the way it was for 200 years. Growth does not mean inflation!” Mr Trump posted in response to those actions. Total non-farm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 per cent, the US
Bureau of Labor Statistics said on Friday. Meanwhile, the US imposed sanctions on a network allegedly exporting Liquefied Petroleum Gas (LPG) from Iran to South and Eastern Asia by falsely flagging it as originating in Oman, the Treasury said. The network used front companies in the United Arab Emirates and China and a “shadow fleet” of vessels, according to a Treasury statement. The system, designed to evade existing US sanctions, moved LPG worth hundreds of millions of dollars, it added. Read on for updates below.
Trump, Wall Street, $2 trillion, jobs report, non-farm payroll employment, unemployment rate, 4.3%, Federal Reserve, rate hikes, inflation, sanctions, Liquefied Petroleum Gas, LPG, Iran, Oman, shadow fleet, Treasury
Stocks down again, like always.
How is 172,000 jobs “bad” if unemployment is still 4.3? Sounds like Fed people just wanna scare everyone into believing inflation is the only thing that matters.
Wait, the $2 trillion vanished overnight because of a jobs report? That seems backwards. Also the Iran/Oman LPG thing is so confusing—so they labeled it as Oman to dodge sanctions, but isn’t that still just shipping gas? Feels like the article mixed topics.
Trump saying “growth does not mean inflation” while the markets drop makes no sense. If rates go up later this year, then they shouldve just said that in the first place. And the sanctions part… shadow fleet? So basically people are buying gas through like fake countries? I can’t keep up anymore.