president Joe Biden said the stock market did not reflect the state of the economy in comments after he cast his ballot at a local Delaware polling station.
What happened: Biden said, “As you know, the stock market doesn’t necessarily reflect the state of the economy. And the economy is still strong. Unemployment is low. Jobs are up. Manufacturing is good,” the White House said.
When asked if he was worried about the inflation numbers, the President said, “No, I’m not, because we’re talking about a tenth of 1%.”
Why it matters: Data published by the US Labor Statistics Office on Tuesday the headline shows consumer price index up 8.3% in Augustdown from 8.5% in July, above market estimates.
Stocks fell the most since June 2020, with the S&P 500 and Nasdaq closing down 4.3% and 5.2%, respectively, on Tuesday. At the time of writing, US stock futures were marginally up and in the green.
As for unemployment, it was 315,000 jobs added higher than the estimated 300,000 in August, although within the predicted range.
trade economics Data suggests that the S&P Global US Manufacturing PMI was revised up to 51.5 in August from a preliminary read of 51.3 – suggesting factory activity has been growing at the slowest since July 2020.
Major tech names such as Amazon.com, Inc AMZN, apple inc AAPL and Tesla Inc AMZN decreased by 7.1%, 5.9% and 4% respectively.
Continue reading: Bitcoin, Ethereum and Dogecoin crash after ‘scorching’ inflation data: Analyst says ‘writing was on the chart’
