April 7, 2021:-Investors shouldn’t worry about the Federal Reserve raising interest rates after releasing the latest U.S. jobs report, CNBC’s Jim Cramer said.
Businesses nearly hire 916,000 workers the previous month, according to data from the Labor Department released on Friday. Although, the report also showed average hourly earnings declined by 4 cents in March.
Wages will be a crucial component for the Fed to gauge inflation, the host of “Mad Money” said.
“Professional money managers crave growth without wage inflation, and that’s just what we got nirvana for stocks,” Cramer said.
“I like Powell’s hand above that of the inflationists right now because nothing is more important to stocks than that nonfarm Labor Department report that we got just Friday,” said Cramer.
Cramer points to a decline in oil prices as a reason for the Fed to keep rates at historically low levels. West Texas Intermediate futures dropped above 4% on Monday.
According to Cramer, these elements will let Powell stick to his plan of keeping rates less until the economy recovers from the coronavirus pandemic.
The comments came after stocks rallied to open the first whole week of the second quarter.
The S&P 500 and Dow Jones Industrial Average each jumped over 1% to fresh record highs. The tech-heavy Nasdaq Composite outperformed the Dow and S&P 500, rising 1.7%.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
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