Signaling continued strength in the labor market, the Labor Department released a closely watched report on Friday showing employment in the U.S. soared by much more than expected in the month of January.
Stock markets retreated Monday, extending a weak start to the year, after a forecast-busting US jobs report further dampened hopes of an early cut to interest rates in the world's biggest economy."Solid US jobs growth, cautious Fed minutes and a still robust US economy raise doubts about markets' aggressive Fed rate-cut expectations," it added.
This week, domestic investors will be eyeing key events such as the start of Q3FY24 earning season, IIP, and CPI data, along with core inflation, and initial jobless claims in the US that will keep the markets buzzing.
A closely watched report released by the Labor Department on Friday showed employment in the U.S. jumped by much more than expected in the month of December. The Labor Department said non-farm payroll employment surged by 216,000 jobs in December compared to economist estimates for an increase of about 170,000 jobs.