Stocks fell sharply in intraday trading on Friday following Wall Street's worst day since June as the biggest U.S. tech shares dropped for a second straight session.
U.S. companies added to their ranks in August, pushing the unemployment rate below 10% for the first time since the coronavirus pandemic began in March, though the economy is still out about 11.4 million jobs since the pandemic was first declared.
Nonfarm payrolls rose by 1.371 million last month, down from a revised 1.763 million new positions in July but below analysts' forecasts of 1.4 million, the U.S. Bureau of Labor Statistics reported on Friday. The unemployment rate fell to 8.4% from 10.2% last month, better than analysts' forecasts of a drop to 9.2%.
"Today’s report is confirmation that the job recovery is too slow and without more support, it may stall out. 20 percent of small businesses may never reopen. Congress is becoming comfortably numb to the hardship millions of Americans are facing. While the net jobs created is welcome news, the economic headwinds going into the election remain significant. Since World War II, no president has been reelected with unemployment above 8 percent," Josh Lipsky, director of Programs and Policy, Global Business and Economics Program, Atlantic Council.
Jeff Marks, senior portfolio analyst with Action Alerts PLUS, joined TheStreet to explain why the charitable trust is trimming some of its tech positions on day two of the tech selloff.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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