Wall Street opens with recession despite rising employment

The US stock market opened lower on Thursday despite a positive labor market report.

According to the US Department of Labor, the number of Americans who filed initial applications for unemployment benefits fell to 547,000 last week, the lowest since the start of the pandemic. Analysts predicted growth to 617 thousand applications. The number of secondary applications under regular government programs decreased from 3.708 million to 3.764 million.

The Dow Jones Industrial Average fell 0.4% to 33.999 points. The S&P 500 fell 0.3% to 4.173, as did the NASDAQ Composite to 13.786.

Experts note that the number of applications for unemployment benefits has fallen in most states, which is an extremely positive sign, since it suggests that the improvement in the labor market is widespread. However, the number of applications is still double the pre-crisis level, but at least there is progress.