U.S. stock indexes fell on Wednesday after a strong showing of private jobs in September fueled concerns of a sooner-than-expected easing of monetary stimulus in the face of growing worries of higher inflation. The ADP National Employment Report showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs. “In short, it looks like the gain in employment will qualify as ‘decent’, which is the threshold Fed Chair Jerome Powell has suggested to push ahead with a QE tapering announcement at the late-November meeting,” said Paul Ashworth, chief U.S. economist at Capital Economics. The numbers come ahead of the more comprehensive non-farm payrolls data on Friday, which is expected to cement the case for the Federal Reserve’s slowing of asset purchases. The benchmark U.S. 10-year yield touched its highest since June earlier in the session, pressuring shares of mega-cap growth companies …
RSS Feed | The Epoch Times