Oregon sheds jobs in April
PORTLAND — Oregon dropped nearly 3,000 jobs in April, its first loss in more than a year.
Despite the decline, the state Employment Department said Tuesday that Oregon’s unemployment rate held steady at 4.1 percent. It’s been at or near 4 percent for 16 months.
State economists say the retail industry declined by 2,500 jobs in April after adding about that many workers a month earlier. Health care and social assistance also cut more than 1,000 jobs in April.
Construction and the hospitality industry were bright spots, each adding at least 500 positions.
Another unemployment measure, known as U-6, was at 8.3 percent in April, slightly below the 8.5 percent recorded in April 2017. The figure includes discouraged workers who stopped looking and part-time workers who want but can’t get full-time jobs.
Stocks retreat as Treasurys plunge
Stocks halted a four-day rally with the steepest slide in almost two weeks, while 10-year Treasury yields pushed to levels last seen in 2011 as investors weigh the prospect for higher Federal Reserve rates.
The S&P 500 index slumped as health care and tech shares retreated. The Treasury sell-off sent note yields to 3.07 percent. Higher rates sap demand for equities that have been on a tear for two weeks. Upbeat retail sales data fueled bets the Fed may raise rates three more times this year, pushing Bloomberg’s dollar index to its 2018 high. Emerging-market equities dropped the most since March. Gold fell below $1,300 an ounce for the first time since December.
Investors grappled with trade, growth and geopolitical worries as a risk aversion spread across assets. Rising yields, a stronger dollar and sliding stocks are fast becoming a familiar and uncomfortable cocktail for investors. Now violence in the Middle East, the U.S.-China trade spat, uncertainty on Italy’s government and global growth concerns are helping cement the prevailing sentiment.
“Markets don’t know where to look; they don’t know where to focus,” said Samantha Azzarello, global market strategist for JPMorgan ETFs, in an interview at Bloomberg’s New York headquarters. “It’s odd — rates are going up, and we’re late cycle, and then, volatility is back after volatility being so low, almost painfully low.”
European equities were mixed, but benchmarks fell in South Korea and Australia earlier, and in Hong Kong after data signaled investment slowing in China. Shanghai shares bucked the declines. The euro slid following disappointing German growth data.
— From wire reports