Stock Market Today With Jim Cramer: Job Recovery Sluggish

Stocks tumbled Friday after President Donald Trump and the first lady tested positive for the coronavirus and the U.S. added fewer jobs in September than forecasts predicted.

The Dow Jones Industrial Average barely rose 0.02%, to 27,794, the S&P 500 declined 0.62% and the Nasdaq dropped 1.92%.

TheStreet’s Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about job recovery in the U.S., the stimulus package and Amazon.

Jobs Recovery Past Forgiveness Period

U.S. employers added fewer-than-expected new jobs last month, data from the Labor Department confirmed Friday, as hiring slowed sharply from August amid new layoffs and a broader economic slowdown linked to the coronavirus pandemic.

The net new job total rose by 661,000 and the unemployment rate was at 7.9%. Economists surveyed by Dow Jones had been expecting a payroll gain of 800,000 and the unemployment rate to fall to 8.2% from 8.4% in August, CNBC reported.

Cramer said these numbers are a recognition that we are through the forgiveness period. Cramer added that we are now going to see a mixture of people being hired by Amazon, Walmart and Costco along with those who lost their jobs for no reason like a waiter, bartender, etc.

Source Article