Stocks were gently lower Friday as continued negotiations on a coronavirus stimulus package and increased political tensions between Washington and Beijing overshadowed a better-than-expected jobs report,
Jim Cramer discussed the ongoing negotiations between Republicans and Democrats and talked about his interview with House Speaker Nancy Pelosi Thursday morning.
As of late Thursday, President Donald Trump is threatening an executive order to extend the weekly $600 payment, but Republicans and Democrats remain trillions of dollars apart in their respective plans.
Negotiators are scheduled to meet again at 1 p.m. ET on Friday, CNBC reported.
Now let's give a quick look into the jobs report, which we got early Friday.
The U.S. economy added a better-than-expected 1.8 million jobs last month, the Bureau of Labor Statistics said Friday, pulling the headline unemployment rate to 10.2%. But the pace of hiring slowed from the previous month amid a surge in coronavirus infections and new business closures.
The BLS said payrolls increased by 1.763 million, well ahead of the Street consensus forecast of 1.58 million but sharply slower than the 4.791 million confirmed for the month of June. The gains clipped the headline unemployment rate to 10.2%, down from 11.1% in June. Average hourly earnings, the BLS said, rose 0.2% from last month to $29.32.
So what is Cramer watching? He thinks Pelosi has the upper hand headed into the latest round of trade talks and will use the position to negotiate further federal assistance for a broader range of recipients.
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