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Yahoo! Finance: Wall Street Falls After Strong Service-Sector Data Feeds Hawkish Fed Fears

Ankika Biswas and Johann M Cheria | December 05 , 2022

Wall Street's main indexes fell on Monday after better-than expected service-sector activity added to jitters that the U.S. Federal Reserve might continue on its aggressive policy tightening path despite fears of a recession next year.

Data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy.

The data comes on the heels of a survey last week that showed stronger-than-expected job and wage growth in November, challenging hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation.

"The labor market looks fine and so it's almost just this kind of bizarre world where good news is bad news," said Jonathan Waite, fund manager at Frost Investment Advisors.

"Right now, it's more of an issue of watching the Fed and they are going to need to tighten and longer than needed."

Excerpted from Reuters & Yahoo! Finance on December 5, 2022. To read full article, click here.

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