The trading week concluded on Wall Street on an up-note making back much of the week’s losses, but attention focused on job creation or the lack thereof. The Labor Department reported that the U.S. economy added 142,000 jobs in September- well below the expected 203,000. Challenger, Gray & Christmas reported that U.S.-based companies also slashed nearly 59,000 jobs in September. These figures got the attention of Art Cashin– Managing Director of UBS Financial Services Inc. & Director of Floor Operations for UBS Financial Services at the New York Stock Exchange.
Cashin told CNBC’s “Squawk on the Street” that the U.S. economy is slowing down and the latest jobs report confirms it. Watch video below.
Among Cashin’s comments on CNBC:
“If you throw in there the layoffs that have been announced over the last month and a half, there’s a real palpable feel that things are slowing down and it’s not going to be a pleasant Christmas. The negative employment numbers will also cause the Federal Reserve to hold off on raising interest rates. If the data continues on this level, you won’t be talking about a Fed hike; it won’t be a debate.”
After all the volatility, stocks ended up for the week.
Here are the final numbers from Friday, 10/2/15 on Wall Street:
Dow Jones Industrial Average: 16,472.37 (+200.36/ +1.23%)
NASDAQ: 4,707.77 (+80.69 / +1.74%)
S&P 500: 1951.36 (+27.54 / +1.43%)
