The benchmark index remains on track for its first weekly loss after five weeks of gains. Looking at the economy, US nonfarm payrolls added 1.371 million workers in August, pushing the unemployment rate down to 8.4% from 10.2%, according to the Labor Department.
According to Statistics Canada's monthly labour force survey released Friday, B.C.'s unemployment rate was at 10.7 per cent in August - down from 11.1 per cent the month before. While an improvement, it still shows a tendency for job shedding, as any number below 50 represents contraction. A report on Wednesday from the Federal Reserve based on information collected from the U.S.
The consensus among forecasters was for the jobless rate to fall to 9.8 percent. "That shouldn't be happening", Adam Ozimek, chief economist at the freelancing platform Upwork, said on Twitter . The government is scheduled to publish August's employment report on Friday. According to a Reuters survey of economists nonfarm payrolls likely rose by 1.4 million jobs last month after increasing by 1.763 million in July.
There seemed to be no explicit catalyst for the sell-off, with economic data coming in roughly where the market had expected and no companies issuing foreboding warnings. Wall Street economists had forecast an increase of 1 million private-sector jobs, according to Econoday. The government reported that the number of Americans who applied for unemployment benefits rose last week again .
After losing contact, she said she could not reach the other Filipino seamen onboard, until the manning agency confirmed the incident that occurred amid strong winds in the area due to Typhoon Maysak. More than 2,200 people were evacuated to temporary shelters, and around 120,000 homes were left without power across southern parts of the peninsula and on Jeju island.
In recent months, the U.S.'s efforts to get the economy fully up and running have encountered several hurdles, including a surge in COVID-19 infections in a number of southern and western states, which have caused local governments to reinforce lockdowns and restrictions on nonessential businesses.