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[Markets]
US STOCKS-Wall St falls after strong service-sector data feeds hawkish Fed fears
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.
Published:12/5/2022 10:09:22 AM
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