US Stock Market Records Steep Decline in August 2024

The US stock market saw a steep decline on Thursday 1st august 2024 which continued into Friday. Investors feared the US Federal Reserve Bank were going to hike interest rates hence they moved their investments into US Bonds.

The US Bureau of Labor Statistics also released their unemployment report on Friday 2nd August and the report showed US unemployment has increased by 4.3% & this has further spooked the stock market leading to a sell off.

Read the full US unemployment report for July 2024 here https://www.bls.gov/news.release/pdf/empsit.pdf

Read full story here https://www.bbc.com/news/articles/c7202xvpwn5o