The U.S. economy added 209,000 jobs last month. This is the lowest number of jobs added in over 2 years, and comes in below analyst expectations for the first time in 13 months. Is the U.S. economy’s growth slowing? Are the federal reserve’s interest rate hikes finally having an impact? NTD speaks with a labor…
Clear Signs US Jobs Market is Cooling: Analyst
July 7, 2023
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Jobs Prints Lower Than Expected, Core Inflation Remains Stubborn
July 7, 2023
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Commentary Total nonfarm payroll employment, relased this morning, increased by 209,000 in June, and the unemployment rate changed little at 3.6 percent. Just 149,000 of those jobs were in the private sector; 60,000 were in government. Revisions from April and May resulted in 110,000 fewer jobs than originally reported for those two months. That’s the…
Lessons From the 1980s Can Help US Weather Current Rising Mortgage Rates
Commentary The Bank of Canada, as well as other central banks of Western nations, continues to raise interest rates. This program began in the summer of 2021 after it became apparent that the unprecedented expansion of the money supply due to the lockdowns has manifested in, at one point, almost double-digit inflation. The United States…
President Biden Touts ‘Bidenomics’
Commentary President Joe Biden’s speech earlier this month told Americans that they have a mistaken view of the economy. Although the average of polls shows that only some 38.3 percent of American voters have confidence in the president’s handling of the economy, the president thinks he is doing a great job, and his speech aimed to…
Dollar Steady Ahead of Jobs Data, Yen Shines After Japan Wage Data
LONDON—The dollar held steady against most major currencies on Friday ahead of U.S. employment figures that could confirm rates are likely to stay higher for longer, but fell sharply against the yen, which got a boost from Japanese wage data. The U.S. nonfarm payrolls report is due later in the day and is expected to…
Stock Market Today: Asian Shares Fall as Strong US Data Dash Hopes for an End to Rate Hikes
July 7, 2023
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BANGKOK—Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes were again dashed by strong jobs data. U.S. futures fell and oil prices were higher. Investors were watching for updates from U.S. Treasury Secretary Janet Yellen’s visit to Beijing. Tokyo’s Nikkei 225 shed 0.6 percent to…
Americans’ Excess Savings From The Pandemic Are Now Depleted, Say Federal Reserve Economists
July 6, 2023
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A team of Federal Reserve economists found that the cash surplus accumulated by American households over the past few years since the start of the pandemic has now largely evaporated. The expenditure of household excess savings by U.S. consumers partially came from government pandemic stimulus checks, which caused the spur in economic growth over the…
The Fed Is Doing the Worst Job Ever by Abusing Discretion
Commentary Although inflation has been falling in most of the advanced economies, the rates haven’t reached the targeted values. All central bankers claim success but don’t know when their rate hikes will successfully control inflation. This uncertainty refers not just to the long-term but to the lack of any forecasting in the lead-up to the…
More Americans Apply for Jobless Benefits, but Layoffs Are Not Rising Significantly
July 6, 2023
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The number of Americans applying for jobless benefits rose last week, but remains at healthy levels despite the Federal Reserve’s attempt to cool the labor market by raising interest rates. U.S. applications for jobless claims rose by 12,000 to 248,000 for the week ending July 1, from 236,000 previous week, the Labor Department reported Thursday….
Toronto Home Sales and Prices up From Last June, Down From May: TRREB
Toronto homebuyers that snapped up a property last month paid more on average than they did a year ago but less than they would have if they closed the deal in May, the Toronto Regional Real Estate Board said Thursday. The Ontario housing board made the same observation about last month’s sales figures and attributed…
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