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…
Jobs Prints Lower Than Expected, Core Inflation Remains Stubborn
July 7, 2023
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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…
ANALYSIS: Is London Hiding a Regional UK Recession?
While the prospect of a UK recession is looming once again with the recent hike in interest rates, it appears the country has managed to sidestep it so far. But is London’s outsized finance-driven economy masking the fact that some British regions have actually been in a recession? Official estimates of local economic output suggest that…
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…
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….
Dollar Gives Up Fed Gains; Yen and Pound Strengthen
LONDON—The dollar turned lower on Thursday as investors looked ahead to pivotal U.S. labor market data following minutes from the Federal Reserve’s June meeting, while a broad risk-off mood lent support to the Japanese yen. Minutes from the Fed’s meeting released on Wednesday showed that the vast majority of policymakers expect further tightening in U.S….
Stocks Slide as Rising Borrowing Costs Strike Again
July 6, 2023
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LONDON—World stocks fell for a third straight day on Thursday, after Federal Reserve meeting minutes bolstered bets on another U.S. rate hike this month and tit-for-tat trade salvos between China and the United States also dampened sentiment. Traders watched the traditional driver of global borrowing costs, the 10-year U.S. Treasury yield, climb to a fresh…
US Factory Order Data Flash Red Alert for Economy
U.S. factory orders fell into negative territory for the first time since October 2020, delivering a fresh sign that America’s manufacturing sector is suffering a slowdown. The U.S. Census Bureau announced on Wednesday that orders for U.S. manufactured goods declined by 1.0 percent in year-over-year terms in May, the first time in 31 months that…
Dollar Steady Before Fed Minutes; Yen Hovers Near 145-Mark
LONDON—The U.S. dollar held steady against other major currencies on Wednesday as traders waited for minutes from the Federal Reserve’s last policy meeting that could offer clues to the outlook for interest rates. Australia’s dollar fell in line with the Chinese yuan after data showed China’s services activity expanded at the slowest pace for five…
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