Stocks tumble on fears about rates, recession after jobs data
CBSN
Good news on the economy means bad news for Wall Street, with stocks falling Friday on worries a still-strong U.S jobs market may actually make a recession more likely.
The S&P 500 was 1.8% lower in early Friday trading after the government said employers hired more workers last month than economists expected.
Even though job growth is slowing, the unemployment rate dipped to a 50-year low, signaling the labor market remains tight. Wall Street is concerned the Federal Reserve could see that as proof the economy hasn't slowed enough yet to get inflation under control. That could clear the way for the central bank to continue hiking interest rates, something that heightens the risk of causing a recession if done too aggressively.
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