9/2/22

The pace of hiring slowed in the month of August, but the job market appears to remain strong. The economy added 315,000 jobs in August and the unemployment rate rose from 3.5% to 3.7%. A thriving job market could lead to those higher Fed rate hikes.

On Wall Street… a third straight weekly loss.
The Dow fell 337 to close at 31,318
The S&P lost 42
The Nasdaq finished down 154 points.

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What a day for Lululemon. The stock gained 10% today for its biggest one-day gain in over two years, after the company reported stronger than expected earnings. Apparently, people are still visiting Lululemon stores, lining up, and paying full price for their goods.

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The once-hot housing market is cooling fast. One in 5 sellers in August dropped their asking price, according to Realtor-dot-com. The average home sold for *less that its list price… for the first time in over 17 months. Homes also sat on the market an average of five days longer than they did a year ago.

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If you’re flying somewhere for the Labor Day weekend, expect issues. 55,000 flights have been canceled since Memorial Day weekend, and nearly a quarter of flights have been delayed this summer. Always a good idea to check with the airline to make sure your flight is on time.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.