June 10, 2023
Politically Speaking

Under Obama Dow, S&P 500 inch to records after October jobs report

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If you would ask the uninformed Black or White they will criticized President Obama for whatever reason. But according to the Dow, the S&P 500 and the Labor Department, Obama has been the right President for historical economic gains. But many on the right and the left will fail to give credit to the President.

The Dow and S&P 500 Friday edged to fresh records after the Labor Department reported the US economy added 214,000 jobs in October and the unemployment rate fell.

The Dow Jones Industrial Average gained 19.46 points (0.11 percent) at 17,573.93, while the S&P 500 edged up 0.71 (0.03 percent) to 2,031.92. Friday marked the third straight record close for the two indices.

The tech-rich Nasdaq Composite Index fell 5.94 (0.13 percent) to 4,632.53.

The October jobs growth came in below the 235,000 expected by analysts. But the Labor Department revised upward by a total of 31,000 the number of net new jobs gained in the previous two months.

The report also said the unemployment rate fell one-tenth of a percentage point to 5.8 percent, its lowest level since July 2008

Leisure and hospitality led the job gains with 52,000 including 42,000 by restaurants and bars. Professional and business services added 37,000 jobs, while healthcare and retail each added 27,000.

Manufacturers added 15,000 jobs and construction, 12,000.

Other labor market indicators have been encouraging. Initial jobless claims, a gauge of layoffs, have continued to trend down, with the four-week average reaching a 14-year low last week.

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