Dow Erases Early Gain, Edges Slightly Lower After Economic Data

Tiger_Newspress
2022-11-01

Dow erases early gain, edges slightly lower after economic data.

Job openings rebounded sharply in September, indicating that the labor market is still tight.

The number of employment vacancies totaled 10.72 million for the month, well above the 9.85 million FactSet estimate, according to data Tuesday from the Bureau of Labor Statistics. The total was about half a million above the August level.

In other economic data, the seasonally adjusted S&P Global Manufacturing PMI came in at 50.4 for October, down from September’s 52 but slightly above the 49.9 expected by Wall Street.

U.S. manufacturers signaled a slight improvement in operating conditions thanks to the easing of supply chain disruptions, but weak demand conditions weighed on growth. New orders fell at the sharpest rate since May 2020.

“Alongside muted domestic demand, new export orders fell sharply as dollar strength and challenging economic conditions across key export markets dampened foreign demand,” S&P Global said in a release.

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